Government writes off bank loans in war-torn Malakand division

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The central bank Tuesday asked the banks and development finance institutions (DFIs) to totally write off loans of the borrowers in northern parts of country including Malakand, Swat, Buner and Chitral districts under the government’s Fiscal Relief Package. The package is aimed at rehabilitating economic life in the terrorism-hit Khyber Pakhtunkhwa province including tribal areas, FATA, PATA. “Now Finance Division, Government of Pakistan, has informed that Prime Minister has approved to extend the facility of writing off of total loans outstanding as on 31-12-2009 to the residents of Lower Dir, Upper Dir and Shangla Districts of Malakand Division,” the State Bank asked the banks, DFIs and microfinance banks (MFBs) through issuing a circular Tuesday.