SBP allowed to acquire shares of ZTBL, HBFCL

Lahore : The federal cabinet in its meeting held here at the PM’s Office on Wednesday with Prime Minister Shahid Khaqan Abbasi in the chair allowed the State Bank of Pakistan to acquire shares of Zarai Taraqiati Bank Limited (ZTBL) and the House Building Finance Company Limited (HBFCL).

The arrangement would settle the loans owed to SBP by ZTBL and HBFCL, a press release issued by the PM’s Media Office here said.

The Combined Financial Statements of the federation, all provincial governments and district authorities for the years 2010-11 to 2013-14 were also placed before the Federal Cabinet for perusal.

The Cabinet approved a proposal for issuance of 50,000 commemorative coins of Rs 50 in honor of Dr Ruth Pfau.

The Federal Cabinet approved a proposal to replace  Faryal Jooma with Haq Nawaz as one of the members of the Board of Directors of Pakistan International Airlines (PIACL).

Appointment of Director Industrial and Commercial Relations (DICR) in Pakistan Ordinance Factories Board was also approved by the Cabinet.

The Federal Cabinet agreed to a proposal to appoint Nawaz Raza, Chief Reporter Nawa-i-Waqt and  Sarmad Ali, Managing Director Jang as private members of the Board of Directors of the Associated Press of Pakistan Corporation.

Appointment of four officers of Inland Revenue Service as Accountant Members in the Appellate Tribunal Inland Revenue was also approved.

The Cabinet approved the appointment of Muhammad Azam as Director General Hydrocarbon Development Institute of Pakistan (HDIP) for a term of three years.

Proposals submitted by the Ministry of National Health Services, Regulations & Coordination regarding maximum retail prices of drugs were approved in principle.

Proposal of the Ministry of Education and Professional Training to sign a Memorandum of Understanding (MoU) in the field of Technical and Vocational Training between the Government of Algeria and the Government of Pakistan was also approved.

The Cabinet approved the appointment of Rear Admiral Jamil Akhtar, HI (M) as Chairman Karachi Port Trust (KPT) for a period of three years.

The Cabinet approved appointment of Naeem Y. Zamindar as the Chairman of Board of Investment.