A News item in today's press:
ISLAMABAD: Several commercial banks in the country wrote off loans totalling Rs50.84 billion over the past two years.
According to information placed before the National Assembly on Thursday, over 200,000 people and companies benefited from the banks’ decision.
In response to a question asked by Sheikh Salahuddin of MQM, the National Assembly was informed through a written reply by Finance and Revenue Minister Dr Abdul Hafeez Sheikh that there were 2,12,114 beneficiaries of the write-off. The reply did not mention names of the banks or particulars of the beneficiaries.
The Supreme Court had taken a suo motu notice of reports that the State Bank had quietly allowed commercial banks to write off loans of Rs54.6 billion under a scheme introduced by former President Gen Pervez Musharraf.
The State Bank informed the Supreme Court that a mind-boggling amount of Rs256 billion had been written off in the country over the past 40 years. The case is still in the Supreme Court. Responding to a supplementary question, Minister of State for Finance and Revenue Hina Rabbani Khar claimed that the government had noting to do with the matter because the loans had been written off by commercial banks on their own.
According to information placed before the National Assembly on Thursday, over 200,000 people and companies benefited from the banks’ decision.
In response to a question asked by Sheikh Salahuddin of MQM, the National Assembly was informed through a written reply by Finance and Revenue Minister Dr Abdul Hafeez Sheikh that there were 2,12,114 beneficiaries of the write-off. The reply did not mention names of the banks or particulars of the beneficiaries.
The Supreme Court had taken a suo motu notice of reports that the State Bank had quietly allowed commercial banks to write off loans of Rs54.6 billion under a scheme introduced by former President Gen Pervez Musharraf.
The State Bank informed the Supreme Court that a mind-boggling amount of Rs256 billion had been written off in the country over the past 40 years. The case is still in the Supreme Court. Responding to a supplementary question, Minister of State for Finance and Revenue Hina Rabbani Khar claimed that the government had noting to do with the matter because the loans had been written off by commercial banks on their own.
Why should these people not have their own houses
and cars or motor-cycles and a secure source of income?
These are the king-makers and kings don't give a damn
about their welfare. This is the real face of the
democracy that Syed Yousuf Raza Gillani brags about.
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