Islamabad:
The National Assembly’s Standing Committee for Privatization has instructed the Ministry of Finance to submit a plan to return RS48 billion to post -life insurance as the company is struggling to meet its expenses.
A meeting of the standing committee was held on Friday under the chairman of Dr. Farooq Sattar.
The Ministry of Finance’s officials told the panel that the government had earmarked RS14 billion in the last four financial years for the insurance company. However, it has only spent half the amount. Business officials told the committee that the organization
Was created in 2021 on emergencies to get Pakistan’s name removed from Financial Action Task Force (FATF) ‘s gray list.
Post -life insurance currently holds RS48 billion in funds, but the amount is with the Ministry of Finance, which does not return the amount or pay interest, the company’s officials told the NA panel. They added that the company did not pay its clients their insurance claims on time due to lack of funds.
