A second chance in life that everybody wants in life and the State Bank of Pakistan was gracious enough to give it to many people recently. They wrote off the loans of a long list of people who were indeed in desperate need of financial help from the state, never mind their palatial homes and mounting corporate statuses.
This is a matter that cannot be taken lightly as writing off loans in such a large amount while the country itself is facing such a crisis of liquidity and needs funds for a myriad of issues. It is not the fact that loans were written off. Writing off loans is indeed a prerogative of the State Bank of Pakistan. The more interesting thing is the lsit of beneficiaries. A shocking 256 billion rupees have been written off in loans by the SBP since 1971.
It is important that the SBP come clean as to why these loans were written off. It is indeed worth knowing why some bank accounts deserve a new lease on life.
ASGHAR BUTT
Lahore
