The National Assembly Standing Committee on Privatization, chaired by Dr. Farooq Sattar, on Monday expressed serious concern over delayed payments to Postal Life Insurance policyholders, urging the Finance Ministry to immediately release the full Rs. 6 billion needed to settle outstanding claims.
The committee was informed that while policyholders’ total claims amounted to Rs. 42 billion, only Rs. 8 billion had been paid so far. Finance Ministry officials said Rs. 3 billion would be released immediately, with another Rs. 3 billion expected by year-end. Farooq Sattar directed that the next Rs. 3 billion installment will be disbursed within the coming quarter.
Committee members criticized the Finance Ministry for allocating only half the required amount, despite earlier recommendations. “Postal Life Insurance should be given Rs. 6 billion,” Sattar insisted, questioning why Rs. 3 billion was being withheld. He also noted that the Ministry is holding Rs. 48 billion in funds from abandoned properties.
Committee members voiced outrage, with Senator Sehar Kamran warning that public money was being wrongfully delayed, and MNA Saba Sadiq asserting, “This is the public’s money, not the government’s. Tell the IMF that.”
Separately, the committee approved the Privatization Commission Amendment Bill 2024 by a majority of 8 to 4, despite opposition from MNA Sehar Kamran. It also directed the Privatization Division to formally request the Cabinet Committee on Privatization to move ahead with the sale of abandoned properties.
Earlier in the session, the committee turned its attention to the nationwide electricity crisis, with Sattar highlighting reports of 12 to 14 hours of load shedding. The Secretary of the Privatization Division responded that load management was limited to 6 hours in high-loss areas, but members sharply disagreed, claiming some regions faced up to 20 hours of outages.
In response, the committee agreed to write to the Minister for Power Division to register its concern, and Sattar proposed joint meetings between the Power and Privatization committees. He remarked, “The Power Minister is so good, yet there is darkness under the lamp — and now the whole country is in darkness.”
