The National Assembly Standing Committee on Finance Thursday directed the State Bank of Pakistan (SBP) to provide details of 600 people who were provided a $3 billion loan at zero interest rate by commercial banks during the pandemic.
The SBP representative said that the facility was provided by commercial banks to experienced individuals and that all details can be provided to the committee in an in-camera meeting. The chairman of the committee wanted a list of loans and their terms and conditions to be submitted by the SBP.
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The committee members also raised questions about the delay in appointing the president of the National Bank of Pakistan (NBP), the president of the Zarai Taraqiati Bank Limited (ZTBL), and members of the Competition Commission of Pakistan (CCP).
The minister said that the appointment process for both the NBP and ZTBL presidents is being expedited and that an assessment of fit and proper criteria is underway for both appointments. The appointment of CCP members is also being processed, with a selection committee already constituted and 190 applications received.
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The chairman of the committee expressed serious concern over no appointment of NBP president, ZaraiTaraqiati Development Bank, and CCP there is only one chairperson in the board of five members and four members have not been appointed.
On the issue of the pension of the ex-NBP employees, a senior official of the NBP bank informed the committee that as per their directives, first meeting with the representative of pensioners was held. The pensioners’ representatives were informed that a decision to this effect would be taken by the Board of the bank and the pensioners agreed that the board has to resolve it.
The chairman of the committee stated that this matter is pending for many years and the court has also ruled in favour of the pensioners and the bank has filed a review.
Aisha Pasha stated that the pensions and National Saving Schemes (NSS) have been digitalised and if a pensioner wants it can get a cheque book or ATM card and they have to inform the national saving schemes that his profit should be transferred to the pension account and they are not required to visit the national saving center.
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Minister of State for Finance Minister Dr Aisha Ghaus Pasha informed that the government is not considering any scheme to give one-time permission to the accountholders to deposit cash foreign currency in their bank accounts without asking the source of the foreign exchange.
The IMF has strictly barred the government from announcing any amnesty scheme. The fund is extremely against such amnesty schemes. Therefore, the government is not considering any scheme for the accountholders, she said.
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Chairman Forex Dealers Associations Malik Boston said that the biggest problem of the country is dollars and stated that they came to help the government in this regard through an agreement as was done in 1998 after the country faced a similar challenge following nuclear tests.
He said that we are giving $400 million and could increase the amount to $1 billion besides providing dollars to the public. Pakistan is not getting the benefits of being calamity-hit area but so far only $800 million out of the total pledges made.
