Under the chairmanship of Special Assistant to the Prime Minister, Haroon Akhtar Khan, a committee convened to discuss the introduction of a bankruptcy law in Pakistan. The meeting emphasized aligning the investment environment with the Prime Minister’s vision to create a more conducive atmosphere for business and industry.
Haroon Akhtar Khan stressed that restoring confidence among foreign investors remains a top government priority. He affirmed the government’s commitment to upgrading Pakistan’s investment framework to meet international standards.
A sub-committee has been formed to propose amendments to the Corporate Rehabilitation Act 2018 with the objective of making the legislation more effective and inclusive of all necessary provisions. The sub-committee includes senior advocates Ali Sibtain Fazli and Abid Shaban, SECP Commissioner Muzaffar Mirza, and consultant Usman Khan.
The final draft of the amendments is scheduled to be presented on 13th June 2025.
Haroon Akhtar Khan highlighted that these legal reforms will play a pivotal role in industrial growth and that the committee’s recommendations will help reduce legal complexities affecting businesses.
Revival of Sick Industrial Units
Special Assistant to the Prime Minister, Haroon Akhtar Khan, chaired a meeting focused on the revival of sick industrial units, held under the framework of State Bank of Pakistan Circular 29 of 2002.
Haroon Akhtar Khan reiterated that reviving sick industrial units is a foremost priority for the government. He announced that new guidelines will be developed to facilitate both banks and industries in this regard.
The meeting reviewed new financial rehabilitation mechanisms for these units, emphasizing their critical role in improving the national economy. The guidelines aim to address and resolve financial challenges faced by both financial institutions and industrialists.
The government is committed to creating a favorable investment and industrial development environment, with discussions covering the list of sick units, their financial status, and revival measures.
