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Head of Departments, the Committee was informed that total pay of the Managing Director, HBFC is Rs 0.
Waqar Masood, Chairman SECP, Tahir Mahmood, President ZTBL, Talat Mehmood and MD HBFC, Pervaiz Saeed.
It is important that the Government should revamp HBFC and to achieve this goal ABAD should use its good offices.
He further stated that one couldn't get loan from HBFC, if he/she does not own his own piece of land.
It has further suggested to implement full auction system for treasury bills; make concessional interest rates positive in real terms; and discontinue new net refinancing from SBP to HBFC.
The HBFC is undergoing a management-led rapid transformation that is bringing about a positive change across all operations, stated HBFCL MD/CEO, Azhar A.
Round about 500 employees who are near to retirement would be asked to get their retirement along with some privileges in first phase while in second phase additional employees working in 8 Federal Government institutions including HBFC and Pakistan International Airlines (PIA) would be rusticated.
On this occasion, Chairman and CEO of HBFC Azhar Abbas Jaffri said the corporation has agreed in principle with leading developers and NGOs for developing low-cost housing projects across the country to cater the needs of the low and middle income groups.
He said the announcement of Finance Minister Shaukat Tarin declaring HBFC bankrupt on technical grounds and selling its 26 percent share is based on ill will and it caused decreased the prices of HBFC in stock markets.
Giving briefing to the committee HBFC Managing Director (MD) Azhar Jaffri told 65369 out of total 95000 loan receivers of the corporation are defaulters.
The minister expressed these views during a meeting with Chairman HBFC Azhar A.
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