State Life likely to turn into a company on World Bank’s pressure

Karachi - State Life Building

The government is likely to promulgate a presidential ordinance instead of tabling a bill in parliament to convert State Life Insurance Corporation (SLIC) into a company on the World Bank’s pressure.

The government’s move comes for securing a $500 million loan before June this year from the World Bank as it has has to change the legal status of SLIC, a top finance ministry official said. The World Bank is extending Development Policy Credit (DPC-III) to Pakistan to enhance growth and competitiveness.

The State Life had Rs496.7 billion in assets in 2014. Its income from investment and premium stood at Rs57.5 billion in that year.

”Conversion of State Life’s from a corporation into a company is a pre-condition of the World Bank,” an official of Finance Ministry said on condition of anonymity.

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