In a bid to settle the credit lines of
The decision was taken unanimously in a meeting between the stakeholders,
Noting that both of these organisations play an important role in the economy and that the government wants to strengthen both of them.
The Finance Minister and all the three major stakeholders viz SBP, ZTBL and HBFC unanimously decided to convert their loans into equity at par and for immediate payment of interest by HBFC to SBP. Emphasising new beginnings for the boards of HBFCL and ZTBL, he said that they should focus on aggressively marketing their products and that a task force should be formed for recovery of non-performing loans.
New managements at the two organisations will be expected to strengthen their respective institutions and to reform and restructure them with the objective of making them vibrant financial institutions with robust balance sheets.
It was further decided that all legal, corporate and administrative requirements will be completed by
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