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
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.
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.
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.
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.