ISLAMABAD:The State Minister for Finance, Revenue and Economic Affairs Rana Muhammad Afzal on Friday informed the National Assembly that Over 50,000 cases of loan defaulters are pending before various courts in the country.
Replying to a Calling Attention Notice raised by Rana Muhammad Hayat regarding inadequate laws for recovery of loans from the defaulters including the loans waived off by the government, the minister said prolonged litigation in such cases is the main delaying factor for the banks and other financial institutions to recover loans from the defaulters. He said the government did not waive off loans as the board of directors (BoDs) of all the banks decide these matters. He said around 80 percent banks are working in the private sector and the BoDs are fully empowered to decide such cases on merit.
However, these banks are regulated by the State Bank ofincrease, Minister of State for Finance and Economic Affairs Rana Muhammad Afzal Khan told the NA that the government is paying subsidy to fertilizer, agriculture and other products. He said the inflation ratio has been restrained at 3.75 percent. Earlier, the opposition parliamentarians criticised the government for the seventh consecutive increase in the prices of POL products and demanded taking back the most recent increase.
03-03-2018, 09:16 AM
Over 50,000 loan defaulters in courts, NA told
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