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EAD fails to secure Rs 53 billion foreign grant

EAD fails to secure Rs 53 billion foreign grant

ISLAMABAD: Federal audit authorities have held the Economic Affairs Division (EAD), which deals with foreign loans and grants, responsible for losing out on a major grant of over Rs 53 billion during fiscal year 2008-09.
According to the 2009-10 audit report of the EAD, the failure of the division to finalise the disbursement procedure cost the country grants of over Rs 53 billion.
The report says per Rules of Business 1973, the EAD is assigned the responsibility to

Banks to consult counsels to secure written off loans

KARACHI
The heads of different banks informed the State Bank of Pakistan (SBP) that they would hold consultations with their legal counsels and key management officials regarding recovery of the written off loans in light of the order issued by the Supreme Court of Pakistan.
The chiefs of various banks promised commitment to adhere to the directives of the Supreme Court in order to recover loans, written off in the past. The bank officials discussed these issues at a

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