Govt writes off mill owners loans instead of farmers

 

As per details, the Federal government has directed the State Bank of Pakistan to wave off the loans of rice mills owners instead of the farmer of Sindh and Balochistan affected by last years’ flood.

 

After Economic Coordination Committee’s approval, the direction has been issued to central bank to wave off billions of loans of Sindh and Balochistan rice mills’ owners.

 

The half of total waved off amount will be allocated in next budget. The experts have showed concern over the government’s policy to write off mills owners’ loans instead of farmers.
 

Govt to drop power bombshell by 4.3 tariff hike from 2011

The government is going to give a shocking gift to the people on New Year i.e a power bombshell by a hike of 4.3 percent in tariff, Media reported on Tuesday.

The increase in the tariff under an agreement with International Monetary Fund for the loans under which the subsidy given on power would be gradually eliminated by the end of this fiscal year.

Earlier, the government has raised the power by 50 percent adding to the woes of already miserable public.

We cant overlook write-off loans issue, says CJP

Chief Justice Iftikhar Muhammad Chaudhry on Friday remarked that the issue of waived loans on political basis could not be overlooked nor anyone would be spared in this regard.
A three-judge bench headed by Chief Justice Chaudhry is hearing the suo motu case of written off loans.
The CJ asked the State Bank of Pakistan to submit details of waived loans during the last two years in an hour. Chief Justice Iftikhar Muhammad Chaudhry remarked: Why dont people realize their responsibilities? The court cannot teach everyone.
Counsel SBP Iqbal Haider read Governor Shahid Kardars letter to the court which stated that the loans were written off during the last 8 years to save countrys economy. He assured the SC of assistance in this regard, however he added that more loans are also likely to be waived due to slump in the international market.
The CJ said that why the central bank fearing the consequences. Those working under the constitution should not be afraid of anyone.The Chief Justice issued orders to the central bank to submit the list of the names of the people that have got their loans written off within one hour.
Chief Justice Iftikhar Chaudhry said that 50 persons who had written off big bank loans were summoned but only eight of them appeared before the court. The CJP also admonished the State Bank officer, …you have written off billions of rupees loans within two years. Writing off the loans is wrong, he said. Don’t you think that your actions should not harm the nation.Justice Ramday, a member of the bench, said What the court can do when all are in same league.

European countries, IMF offer Greece $146 billion in loans

BRUSSELS: European countries and the International Monetary Fund threw Greece a lifeline worth a stunning $146 billion after the financially foundering nation unveiled a stinging program of spending cuts and tax hikes to reduce its enormous government deficit.

At an emergency meeting in Brussels, finance ministers from the 16 nations that use the euro currency signed off on the bailout package, which would grant low-interest loans to Athens to help it avoid a humiliating bankruptcy. The money would be available over the next three years and would come from the International Monetary Fund and fellow Eurozone countries such as Germany and France.

Officials hope the loans will keep the debt crisis from spreading beyond Greece to other Eurozone countries whose finances are in shaky condition, particularly Portugal, Spain and Ireland, which are also struggling to contain big budget deficits.

In Greece, workers have been mounting furious protests against the prospect of drastic government cuts. Officials are bracing for a general strike Wednesday over the new austerity plan, which includes higher fuel, tobacco, alcohol and sales taxes, cuts in military spending and the elimination of two months” annual bonus pay for civil servants.

Axing the bonus is a particularly fraught move in a country where as many as one in four workers is employed by the state. But with a whopping government deficit amounting to 13.6% of gross domestic product, Greece must dig deep.

Markets continued to push up Athens” cost of borrowing to punishing levels. Credit-rating firms stoked fears of a domino effect last week by downgrading Spain and Portugal. And the IMF and EU were forced to scramble to put together a bigger bailout package to reassure nervous investors.

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SBP sets limit by Rs.1b for long term export loans

KARACHI: Central Bank has set the limit of long term export loans, which are granted on easy terms by one billion rupees, Geo news reported.

According to statement issued from SBP on Tuesday, the loans sought for the purchase of machinery used in export industry for long-term schemes will now be limited by Rs.1 billion.

This decision will minimize banking risks besides increasing number of loan seekers, it said.

SBP Submits List of Written off Loans in SC

ISLAMABAD, Pakistan News: State Bank of Pakistan has submitted the list of write-off loans from 1971 to 2009 in the Supreme Court,containing the statistics that as many as 0.669million people have got Rs256billion waived.
Talking to media outside the apex court, SBP counsel Iqbal Haider divulged that the waived loans were not merely political, however, he added that the ratio in this regard was low before 1997 but afterwards it rose. Iqbal told the reporters that the Chief Justice ordered to form a commission in December, however, its rules and regulations have yet to be decided. He noted that the SBP stance on waived loans was clear, and added that the loans written-off under law could not be challenged.

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SBP Submits List of Written off Loans in SC was first posted on February 2, 2010 at 1:24 pm.

CM Shahbaz to move SC against loan defaulters

Lahore, Pakistan News :- Punjab Chief Minister Shahbaz Sharif has demanded that federal government should recover billions of forgiven loans with interest and fine.

CM also announced to pile a petition in the Supreme Court in this regard. He opined that if the loans had not been forgiven there would have been no need of Kerry-Lugar Bill.

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CM Shahbaz to move SC against loan defaulters was first posted on December 6, 2009 at 7:27 pm.

SC Full Court to Hear NRO Cases From Monday

ISLAMABAD, Pakistan News: Chief Justice of Pakistan Iftikhar Muhammad Chaudhry has formed a larger bench to hear the NRO cases on December 7.
The larger bench of the Supreme Court led by the CJP includes Justice Javed Iqbal. Justice Sardar Muhammad Raza Khan, Justice Khalilur Rehman Ramday, Justice Mian Shakarullah Jaan, Justice Tasaduq Hussain Jilani, Justice Nasirul Mulk, Justice Raja Fiaz Ahmed, Justice Ijaz Ahmed, Justice Muhammad Sair Ali, Justice Mehmood Akhtar Shahid, Justice Jawwad S. Khawaja, Justice Anwar Zaheer Jamali, Justice Arif Hussain Khilji, Justice Rehmat Hussain Jafri, Justice Tariq Pervez and Justice Ghulam Rabbani.
Two petitions were filed against NRO by Roedad Khan and Dr. Mubashar Hassan in which cases of other persons are included who demanded relief under NRO while some prisoners also appealed for relief under NRO.

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SC Full Court to Hear NRO Cases From Monday was first posted on December 3, 2009 at 7:41 pm.

Rs 60 Bln Loans Were Written off in Musharraf’s Rule

ISLAMABAD, Pakistan News: More than Rs 60 billion loans obtained from government banks, financial institutions and agricultural bank were waived during the military rule of Gen. (R) Pervez Musharraf.
The beneficiaries were politicians, retired generals and businessmen including Manzoor Wattoo, Haroon Akhtar and Khosa family. According to the National Assembly record; 1,086 persons’ loans of Rs 23,514 million were written off from National Bank. Loans of Rs 608 million of 75 persons were written off from Punjab Bank. Loans of Rs 2.9 million of Manzoor Wattoo, Rs 110 million of Senator Haroon Akhtar’s, Rs 1.5 million of Jam Maddad Ali and Rs 80 of Haleem Adal Sheikh were waived from ZTBL. Mian Assad Shujauddin’s Rs 768 million loan of Pak Libya Holding Company was written off. While Khurshid Ahmed Khosa’s Rs .5 million, Rs 51.7 million of Fauji Cement Company and Aamira Textile Mills’ Rs 6 million were waived. Loans of Maj. Gen. (R) Abdul Qayyum and Maj. Gen. (R) Farhat Ali Khan Bukhari were also waived. Actress Samina Pirzada did not return loan of Rs 1.7 million of First Women Bank. According to report, from 1985 to 2003, Rs 120 billion loans were written off. Record of these loans was turned into ashes when fire broke out in the store room of the National Assembly.

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Rs 60 Bln Loans Were Written off in Musharraf’s Rule was first posted on December 3, 2009 at 8:13 pm.

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