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Summary Federal govt directed SBP to write off loans of rice mills instead of flood affected farmers.
As per details, the Federal government has directed the State Bank of Pakistan to wave off the loans of rice mills owners instead of the farmer of Sindh and Balochistan affected by last years’ flood. After Economic Coordination Committee’s approval, the direction has been issued to central bank to wave off billions of loans of Sindh and Balochistan rice mills’ owners.The half of total waved off amount will be allocated in next budget. The experts have showed concern over the government’s policy to write off mills owners’ loans instead of farmers.
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