Written-off loans to be retrieved: Dar
 

Says all offshore companies illegal; comprehensive plan to be devised to regulate them

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

He said that all the offshore companies were illegal and comprehensive laws would be devised to regulate them.Addressing a ceremony to mark the authorisation of payment to the depositors of the In**vative Investment Bank Limited (IIBL) here, the minister said the government had a strong will to pursue the issue of written-off loans with full commitment.

In the draft of the Terms of Reference (ToRs) prepared by the government, there was a clause according to which all those public ****** holders whose loans were written off due to their influence should be pursued to get back public money.He said that he was impressed by the performance of IIBL, which managed to recover Rs48 million loans that some individuals had got them written off.

Ishaq Dar said during his tenure he had ensured the auto**my of various departments including the 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 that due to the collective efforts of public departments, Pakistan had become an eco**mically-stable country.“Pakistan is set to take off and it’s **w just a matter of time,” he said adding that credible world institutions had termed Pakistan the second choice place for investment and forecast the country to be the 18th biggest eco**mies of the world by 2050. “However, a lot more still needs to be done,” he said adding that with efforts the dream of becoming the 18th biggest eco**my could be materialised by even 2030. The minister said the budget deficit was expected to remain at 4.3 percent during the current fiscal year, which had witnessed a significant decrease from 8.8 percent three years ago.

He said the 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 that the annual growth of revenue collection was about 3.3 percent before 2013 while during the 2013 while during three years tenure of the current government the average annual growth rate of revenue collection was recorded at about 18 percent 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 his dream of making SECP an auto**mous department and an effective organisation had **w 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.





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