The Ministry of Finance has reportedly requested the State Bank of Pakistan (SBP) for identification of actual affectees of flood 2010 along with the exact amount of 50 percent loans to traders and rice millers to be waived by the government, it is learnt.
Sources said that officials of Ministry of Finance have informed the Economic Co-ordination Committee (ECC) of Cabinet that in pursuance of the committee directives the matter was taken up with the SBP. "We have requested the SBP to provide the information so that funds may be allocated for the purpose, in the next budget for 2012-13" said an official. The Ministry has also requested SBP to look into the problems of small farmers with regard to their insured loans and take up the matter with concerned banks/insurance companies.
The meeting of the ECC, held on January 3, 2012 had decided that 50 percent of the outstanding loans, including mark-up, of rice millers and traders would be picked up by the government for which necessary budgetary provision may be made. The meeting also wanted that all necessary safeguards should be adopted to ensure that only the affectees of flood-2010 get benefit from the decision and the process be monitored by the SBP. Finance Ministry was also directed to look into the problems of small farmers with regard to their insured loans and take up the matter with concerned banks/ insurance companies.
The Ministry of Petroleum & Natural Resources informed the ECC that the contract for the appointment of Financial Adviser for Iran-Pakistan gas pipeline has been signed. The ECC approved the appointment of Financial Adviser as per prescribed procedure and confirmed the decision of the Steering Committee to the extent of provision of irrevocable sovereign guarantee and arranging equity commitment by Public Sector Entities/Government of Pakistan. The Ministry of Petroleum also informed the ECC that a presentation, as was directed in the last meeting, is being prepared on financial model.
Sources said that the meeting of the ECC also constituted a Committee comprising Deputy Chairman Planning Commission (Convener) and Secretaries, Ministries, Ministries of Communications, Commerce and Industries to formulate Transport and Trucking Policies within two weeks and submit to the ECC. The committee was also directed to furnish a compliance report to the Cabinet Secretary. The ECC also approved setting up a dry port at Prem Nagar and directed the Revenue Division to submit a summary showing total number of dry ports and industrial estates established in the country as well as their performance.
Sources told Business Recorder that the ECC was informed that the relevant notification for establishment of a dry port by Pakistan Railways on the basis of public-private partnership (PPP) at Prem Nagar, near Raiwind, has been sent to the Law Division for requisite vetting. The Collectors of Customs have been directed to submit a report on performance of dry ports and industrial estates established in the country. On receipt of the aforesaid information, a detailed summary shall be placed before ECC of the Cabinet.