ISLAMABAD: The opposition Thursday submitted a no-confidence motion against Deputy Speaker National Assembly Qasim Suri accusing him of adopting a partial attitude towards them during the.
Industries default on debt payments
Default cases surged in 1QCY21 despite schemes to get loans deferred and rescheduled
The NPLs to gross total loans had surged to 9.7% in January-June 2020 compared to 8.8% in the same half last year, according to the performance review. PHOTO: FILE
KARACHI:
Contrary to the government claim of rebound in industrial output, a number of industries in sectors including leading automobile and sugar have defaulted on paying off debt owed to banks in the quarter ended March 31, 2021.
The default cases have surged in the quarter despite offer of scheme to banks’ clients to get their loans deferred and rescheduled for one year or for more time period to cope with the Covid-19 pandemic.
A parliamentary panel on Thursday resisted a government bill seeking powers to impose surcharge on electricity consumers required under the IMF deal. ─ File
ISLAMABAD: A parliamentary panel on Thursday resisted a government bill seeking powers to impose surcharge on electricity consumers required under the IMF deal, while the standing committee on finance unanimously cleared another bill for corporate restructuring of companies.
At a meeting of the Standing Committee of the National Assembly on Power, the secretaries of Power and Finance pleaded clearance of amendment to the Nepra Act (The Regulation of Generation, Transmission and Distribution of Electric Power (Amendment) Bill 2020).
The National Assembly Standing Committee on Finance and Revenue unanimously recommended that “The Corporate Restructuring Companies (Amendment) Bill, 2020,” maybe passed by the National Assembly.
The 54th meeting of the National Assembly Standing Committee on Finance and Revenue was held under the chairmanship of MNA, Faiz Ullah.
The Committee discussed “The Corporate Restructuring Companies (Amendment) Bill, 2020).” Deputy Governor State Bank of Pakistan (SBP), Jameel Ahmed, and President Bankers Association, Muhammad Aurangzeb, briefed the Committee about the requirements of the Bill. The Committee members have expressed their apprehensions regarding the implementation of this Act.
According to the objects and reasons of the proposed legislation, the existing institutional arrangements and legal processes for the revival and rehabilitation of distressed entities are time-consuming and inadequate, making the rehabilitation of distressed entities challenging.