Defaulters allowed to repay loan, dues

President Mohammad Rafiq Tarar on Thursday midnight promulgated an ordinance entitled the National Accountability Bureau (Amendment) Ordinance 2000 with immediate effect, making amendments in 25 clauses.

The amendment outlines the conditions of the transfer of cases, their jurisdiction, mode of returning the gains by the accused and other issues relating to mismanagement of loans or default.

Under the amended ordinance a new section has been provided. This section is about the payment of loans, etc., sales by a person who has been arrested or is in the custody of NAB on the charge that he is guilty of committing the offence of wilful default on account of non-payment of dues to bank or financial institution or cooperative society, he may apply to the chairman of the NAB for the reconciliation of his liability through conciliation committee and chairmen NAB may refer the matter to a conciliation committee. This committee shall determine the amount outstanding against the accused. The committee shall conclude within the 30 days and its recommendations shall be submitted to the Chairman of the NAB. The chairman NAB may accept the recommendations or may, for reasons to be recorded, pass such appropriate order including rejecting or modifying the same as he may deem fit. If the accused undertakes to repay the amount as determined by the conciliation committee or the chairman of the NAB, the chairman may release the accused. In case of failure, the case shall be proceeded with and referred to the Accountability Court."

Islamization of financial products proposed

The Commission set up for Islamization of financial system that met for the first time here at State Bank office has decided to develop financial instruments conforming to Islamic Shariah.

Chairman of the Commission, a former governor of State Bank, I. A. Hanfi presided.

Sources privy to the meeting told the Commission has decided to examine the possibility of re-orientation of some of the existing instruments in accordance with the requirements of Islamic financial system.

They said the Commission would examine the deskwork done and the plans drawn or implemented in some Islamic countries like Malaysia and Saudi Arabia on Islamization of economy.

He said the Commission has set up three or four committees to look into some specific areas of transformation of the present financial system into one that conforms to the Islamic injunctions.

The source declined to name the members of the committees and the exact nature of the task assigned to them.

KESC sell-off

The Minister for Finance Shaukat Aziz has assured the Asian Development Bank (ADB) of meeting the latest deadline for the privatization of Karachi Electric Supply Corporation (KESC) which is June 30, 2000.

Body to tackle debt problem

Pakistan has set up a special committee to prepare recommendations in two to three months on how to tackle the country's growing domestic and foreign debt, a government official said. The official said a former chief economist of the World Bank, Pervez Hassan, would head the debt management committee.

According to official estimates, Pakistan's total domestic and foreign debt was close to $61 billion, almost equivalent to its gross domestic product. Foreign liabilities were close to $38 billion.

Debut in Malaysian meat market soon

Pakistan is expected soon to make a debut, in a big way, in Malaysian Halal meat market as the local exporters are receiving inquiries from some of the leading importers for consignments.

It will be the second outlet for the Pakistani meat out of the Gulf and Muslim world and may add significantly to the current export drive.

Reports coming in from Malaysia indicate that both mutton and beef may find a good market as it will be readily acceptable to Muslim consumers.

IMF will resume funding soon: Aziz

Finance Minister Shaukat Aziz hoped that the International Monetary Fund would resume its funding soon, saying the IMF is satisfied with the progress the government has made.

"I have met people from the IMF in Davos there seems to be satisfaction with the progress the government has made," Aziz told CNN. The minister is attending the World Economic Forum in Davos.

Over Rs3bn approved for Railways revival

The Central Development Working Party (CDWP) on Saturday approved 14 projects of various sectors of worth Rs 3,320.577 million.

The meeting of the CDWP was held here with the Secretary, Planning and Development Division, Tayyab Hussain, in the chair.

The meeting approved a programme for revival of Railways covering 11 projects worth Rs 3,171 million.

A project was approved for setting up computer science department in the University of Balochistan and two other projects were approved in the water resources and social welfare seaors.

Japanese review team due on 7th

Two member Japanese review mission will arrive in Pakistan next week to discuss loan for seven development projects being funded by one of its agencies. The mission will hold its meeting with Pakistan officials on February 8.

The delegation will arrive on February 7 and will stay till March 22. Its members will scrutinise audit reports of the projects and (mission) will decide future funding in the new fiscal year of Japam starting from March 31.

Hoechst renamed

The Germany-based multinational, Hoechst which purchased the assets of the another firm, Rhone Poulenc recently, has been renamed as Aventis. According to Hoechst sources Wednesday, the Hoechst will start functioning in Pakistan with the new name from July 1 next. Meanwhile, Rhone Poulenc which closed down its business and disposed of its assets in Pakistan on January 31, has terminated the services of its 39 employees based in various cities of the country.