Govt to set up Pakistan Corporate Restructuring Company to boost economy

ISLAMABAD: Following the directions of Prime Minister Imran Khan to boost economic growth and create employment opportunities, the government plans to establish Pakistan Corporate Restructuring Company with an allocation of Rs 500 million as initial capital.

According to the sources, the company will be established in partnership with 10 banks and will be tasked with the rehabilitation of sick units and to generate economic growth. A complete framework will be developed for the maintenance and reorganization of sick units.

According a report of the State Bank of Pakistan, the overall confidence among businesses and consumers remained weak as they struggled to preserve their purchasing powers and dealt with operational constraints stemming from the adjustment process.

The government is working hard to improve the banking system with the help of State Bank of Pakistan, Securities and Exchange Commission of Pakistan (SECP) and other relevant agencies.

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According to the SBP, perceptions about the current economic conditions for business remained below the threshold level (index value below 50, which represents prevalence of more negative views than positive views).

 

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