Islamabad:
The National Committee for the Privatization of the Assembly Assembly has ordered the Ministry of Finance to return RS48 billion to postal life insurance, since the company is struggling to fulfill its expenses.
On Friday a meeting of the Permanent Committee was held under the president of Dr. Farooq Sattar.
Officials of the Ministry of Finance told the panel that the Government had allocated to RS14 billion in the last four financial years for the insurance firm. However, it has used only half of the amount. Company officials told the committee that the organization
It was established in 2021 on an emergency base to eliminate the name of Pakistan from the gray list of the Financial Action Task Group (FATF).
Postal life insurance currently has RS48 billion in funds, but the amount is lying with the Ministry of Finance, which does not return the amount or interest paid, company officials said to the NA panel. They added that the company could not pay its customers its insurance claims in time due to the shortage of funds.
