The government is likely to promulgate a presidential ordinance instead of tabling a bill in parliament to convert State Life Insurance Corporation (SLIC) into a company on the World Bank’s pressure.
The government’s move comes for securing a $500 million loan before June this year from the World Bank as it has has to change the legal status of SLIC, a top finance ministry official said. The World Bank is extending Development Policy Credit (DPC-III) to Pakistan to enhance growth and competitiveness.
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The State Life had Rs496.7 billion in assets in 2014. Its income from investment and premium stood at Rs57.5 billion in that year.
”Conversion of State Life’s from a corporation into a company is a pre-condition of the World Bank,” an official of Finance Ministry said on condition of anonymity.
