The National Assembly Standing Committee on Commerce on Monday reviewed the financial condition of the Trading Corporation of Pakistan (TCP).
A subcommittee report presented by Khurshid Junejo revealed total liabilities of Rs. 319 billion, including Rs. 230 billion recoverable from Utility Stores and the National Fertilizer Marketing Limited (NFML).
Of the total amount, Rs. 88 billion is the principal and Rs. 330 billion is in interest payments. TCP is scheduled to receive Rs. 15 billion in the current fiscal year and Rs. 30 billion next year.
TCP Chairman complained of difficulties in recovering dues from provincial governments.
Committee Chairman Javed Hanif recommended that the Ministry of Finance make at-source deductions to settle outstanding dues, warning that delays by government departments are resulting in heavy interest costs to the exchequer.
