Govt to recover written-off loans: Dar


ISLAMABAD: Minister for Finance, Muhammad Ishaq Dar on Sunday said the government would try its best to recover the loans that had been got written off by public office holders and any other individuals during past history.

Addressing a ceremony to mark the authorization of payment to the depositors of Innovative Investment Bank Limited (IIBL) here, the minister said the government had strong will to pursue the issue of written-off loans with full commitment.

“In the draft of Terms of References (TORs), prepared by the government, there was a clause included according to which all those public office holders whose loans were written-off due to their influence, should be pursued to get back the public money.

He said he was impressed by the performance of IIBL who managed to recover Rs 48 million loans which had been written-off by some individuals.

Ishaq Dar said during his tenure he had ensured the autonomy of various departments including Securities and Exchange Commission of Pakistan (SECP), State Bank of Pakistan (SBP) and Pakistan Bureau of Statistics (PBS) which resulted in good improvement in their performance.

He said due to the collective efforts of public departments, Pakistan had become now macro economically stable country.

“Pakistan is set to take off and it’s now just matter of time,” he said adding that credible world institutions have termed Pakistan second choicest place for investment and forecast the country to be 18th biggest economies of the world by 2050.

However, a lot more still needs to be done, he said. Adding that with efforts the dream of becoming 18th biggest economy could be materialized by even 2030.

The minister said the budget deficit was expected tore main 4.3 per cent during the current fiscal year which had witnessed a significant decrease from 8.8 per cent three years ago.

He said total foreign exchange reserves in the country during the current year were recorded at $21.1 billion which were the highest in the country’s history.

He said the annual growth of revenue collection was about 3.3 per cent before 2013 while during three years tenure of the current government the average annual growth rate of revenue collection was recorded at about 18 per cent which was result of various structural reforms the government had introduced in the Federal Board of Revenue (FBR).

He appreciated the extraordinary performance of SECP saying that “My dream of making SECP an autonomous department and an effective organization had now been fulfilled and due to the hard work of its Chairman Zafar Hijazi, the performance of the Commission had improved significantly”.

Earlier addressing on the occasion, SECP Chairman Zafar Hijazi informed that out of total 109 depositors, 92 depositors were being paid full amount while the remaining 17 would get partial payment.

He said SECP was determined to work for the welfare of small investors and depositors.- APP

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