Company InformationBoard of Directors:Mr. Hussain DawoodChairmanDr. Nuzhat AhmadDr. Suleman ShaikhDr. Naved HamidMr. Abdul KhaliqMr. Iftikhar Ahmad RaoDr. Rajab Ali MemonDr. Aisha Ghaus PashaProf. Aijaz Ahmed QureshiMr. Zubyr SoomroMr. Qazi Azmat IsaChief Executive OfficerCompany Secretary:Mr. Amir NaeemAuditors:A. F. Ferguson & Company, Chartered AccountantsLegal Advisors:Azam Chaudhry Law AssociatesTax Advisors:A. F. Ferguson & Company, Chartered AccountantsBankers:Allied Bank of Pakistan, Askari Commercial Bank Limited,Citibank, Faysal Bank Limited, Habib Bank Limited, Hong Kongand Shanghai Banking Corporation Limited, National Bank ofPakistan, Silk Bank Limited, Standard Chartered Bank Limited,Bank Al Habib, MCB Bank Limited, United Bank LimitedRegistered Office:1, Hill View Road, Bani Gala, Islamabad, Pakistan.UAN: ( 92-51) 111-000-102, Ph: 2613935-50Fax: ( 92-51) 2613931, Email: info@ppaf.org.pkWebsite: www.ppaf.org.pk
PAKISTAAN POVERRTY ALLEVVIATION FFUNDMANAGEEMENT REVVIEWThe Managemennt is pleaseed to presennt the un-aaudited conddensed interrim financiaalstatemments of the Company forfo the nine monthsmende d March 31,, 2013.The periodpundeer review reppresent signnificant imprrovements iin underlyinng the growtththrouughout the operationsoasa a reflectiion of priorr years’ proogression wwith assentinngresultts. The proggress duringg the period was due too our unreleenting combating attituddetowarrds poverty reduction. PPAF conttinued its exxcursion forr realizationn of a betteerprosppect throughh rigorous deploymentt of its alll-embracingg objectivess of poverttyalleviiation and developingdclosercassociation at thee grassrootss level by adddressing thhecritical imperativves. PPAF’s outreach exxpansion hass stretched too almost eveery district oofthe country. Thee cohesive raange of mulltiple poles i.e. microcrredit, social mobilizationn,instituutional devvelopment, small scalee infrastruccture, healthh, educationn, livelihooodenhanncement andd individual empowermeent immenseely benefitedd the insubsttantial despittethe peersistent chaallenges of growthgand developmentdat national llevel.PPAFF is continuuously transsforming its strategic apapproach, to meet the cchallenges oofalleviiating poveerty that liie ahead, based on chronic annd prudentlly composeedintervventions’. Thhe impact off these intervventions goees beyond thhe rudimentaary borders oofpoverrty and direcctly on the proceedspof thet poor. PPPAF supporteed endeavorrs’ are closellyin linne with the poverty redduction Milllennium De velopment GGoals throuugh providinngtangibble changess to poor peeople’s lives. Moreoverr these interventions coontribute anndexubeerant the ecoonomic deveelopment of thet country.Operrational andd Financial Results:RThe overall operational annd financiaal results dduring the nine montths remaineedmillion comppared to Rs 1,091 millioonsatisffactory. Totaal income geenerated wass Rs 1,362 m
during the corresponding period last year, an increase of 25%. Service charges on loan topartner organizations and interest income on investments increased by 9% each. Inaddition, Rs 111 million was received for its operational support as against Rs 117million.The general and administrative expenses during the nine months were Rs. 351 million asagainst Rs. 298 million during the corresponding period last year, an increase of 18%.The main increase was in salaries/benefits, travel and vehicle running expenses. The risein salaries/benefits was on account of annual increments to existing employees to providerelief against higher cost of living and recognition of their work performance as well ashiring of new staff members. Travel expenses increased due to extensive appraisal andmonitoring visits while running/maintenance expenses enhanced on account of high fuelcharges.Seminar, workshops and training expenses of Rs. 19 million included Rs. 13 millionspent on the workshops and Rs. 6 million on PPAF staff trainings and exposure visits.Expense incurred on technical and other studies was Rs. 64 million. The financial chargesof Rs. 129 million include commitment/service charges on loans payable, bank chargesand imputed interest on below market rate long term loan. In addition, an amount of Rs.96 million was spent for providing relief in flood affected areas.As of March 31, 2013, total equity and reserves stood at Rs 10,267 million (June 30,2012: Rs 8,905 million), total assets at Rs 30,495 million (June 30, 2012: Rs 27,091million) and loans receivable from partner organizations at Rs 11,642 million (June 30,2012: Rs 13,434 million).Disbursements and outputsTotal disbursements during the nine months were Rs. 10,020 million compared to Rs.13,898 million in the corresponding period last year, indicating a decrease of 28%. Loan(microcredit and enterprise development facility) disbursements were Rs 5,770 million(Jul – Mar 12: Rs 10,449 million) and disbursements for core grant based interventions
were Rs 3,066 million (Jul – Mar 12: Rs 2,522 million). In addition, Rs 1,184 million wasdisbursement for special projects and relief activities (Jul – Mar 12: Rs 926 million).At the end of period under review, PPAF financed over 5.7 million microcredit loans;27,900 water and infrastructure projects were initiated; 3,000 health and educationprojects were supported; 422,000 community organizations/credit groups were formed,753,000 staff and community members were trained; 36,500 assets were transferred topoor households and 13,500 persons with disabilities rehabilitated.Key EventsPakistan Poverty Alleviation Fund (PPAF) has launched its Disaster ManagementStrategy, which focuses on integrated Disaster Risk Reduction in its multi-sectordevelopment and building response capacities of communities against disasters. Thelaunching ceremony was chaired by Senator Dr. Saeeda Iqbal, Chairperson SenateStanding Committee on Climate Change. PPAF Disaster Management Strategy will helpto mitigate the occurrence of these disasters in future and communities would be betterprepared to help themselves and put an end to erosion of interventions by these disasters.PPAF conferred the second Amtul Raqeeb Award posthumously in a simple ceremonywas arranged on the PPAF to mark the International Women’s Day on five lady teachers,a medical technician and a lady health visitor, who were gunned by unidentifiedassailants on their way back from Sher Afzal Banda near Swabi Interchange on January1, 2013.PPAF joined hands with Telenor Pakistan and Tameer Microfinance Bank to providefinancial services to poor and un-banked communities of Baluchistan, Sindh, KhyberPakhtunkhwa, Skardu (GB), Punjab and Chirah (ICT). A Memorandum of Understanding(MoU) to this effect was signed by CEO PPAF Qazi Azmat Isa and CEO TelenorPakistan Lars Christian Luel at a local hotel here Friday. Through this pilot project,financial services will be provided to select communities in the regions by establishingeasypaisa shops, which will provide services that include bill payments, money transfers,
donations, international home transfers, withdrawals and deposits through mobileaccounts.A roundtable captioned “Working in Conflict Areas through Building Local Partnership”was jointly organized by PPAF and its partner organization Sungi DevelopmentOrganization. Purpose of the roundtable was to mainstream capacities of the institutionsof the poor – village development organizations and union council-based organizations –by developing their linkages with government departments and markets to ensure theirdevelopment.A meeting of Education Innovation Alliance, a group of visionaries coming together totransform the education landscape in Pakistan, was organized by Pakistan PovertyAlleviation Fund (PPAF) in collaboration with Developyst and Ilm Ideas – the two civilsociety organizations. Senior Advisor to Prime Minister Begum Shahnaz Wazir Aliinaugurated the meeting and said that Pakistan needs to find innovative solutions tounleash education emergency in the country and public and private sectors must joinhands to achieve the Millennium Development Goals in this sector.PPAF launched the first-ever indexed and hybrid weather micro-insurance products tofacilitate and compensate small farmers in Pakistan. Presided by the Commissioner,Securities and Exchange Commission of Pakistan, Muhammad Asif Arif, a simpleceremony to this effect was arranged, which was attended by representatives of StateBank of Pakistan, the World Bank, International Fund for Agricultural Development(IFAD), KfW – German Development Bank, UKAID, Tameer Microfinance Bank,National Disaster Management Authority, Pakistan Microfinance Network, governmentbodies, insurance companies and others. The purpose of this initiative is to providerecommendations for the development of a sustainable market based crop and livestockinsurance model which best suits the economic need and social characteristics of thecountry with particular focus on small and marginal income farmers.The persistent pursuit of integrity, participatory approach and knowledge of the sectorhas placed PPAF in an exalted position in the present development order of the country.
PPAF seeks to build significantly strong bonds with the community organizations interms of inclusion, sustainability, effectiveness, and depth of coverage. Thus improvingthe operational excellence of the Company through which an intricate relationshipbetween the deprived and the Organization will be strengthened.Qazi Azmat IsaApril 24, 2013Chief Executive Officer
PAKISTAN POVERTY ALLEVIATION FUNDCONDENSED INTERIM BALANCE SHEETAS AT MARCH 31, 2013Un-auditedMarch 31,2013NoteAuditedJune 30,2012(Rupees in '000)NON CURRENT ASSETSProperty, plant and equipment4Intangible assets82,61377,3504,7776,870Long term investments51,230,900994,000Long term loans to Partner ENT ASSETSCurrent maturity of long term investmentsCurrent maturity of loans to Partner OrganizationsShort term investmentsAdvances, deposits, prepayments and other receivablesProfit/service charges receivableBank balances-specific to projectsCash and bank balances89FUND AND RESERVESEndowment fund10Grant fundReserve for grant based activitiesAccumulated surplusLONG TERM LOANSDEFERRED BENEFIT OF BELOW MARKET RATE OFINTEREST ON LONG TERM LOANCURRENT LIABILITIESDeferred liabilities - grant fundDeferred income - grant fundCurrent portion of long term loansService and commitment charges payableAccrued and other liabilities11The annexed notes 1 to 20 are an integral part of these financial statements.ChairmanChief Executive Officer
PAKISTAN POVERTY ALLEVIATION FUNDCondensed Interim Statement of Comprehensive Income (Un-audited)for the nine months ended March 31, 2013For the quarter endedNoteMarch 31,2013For the nine months endedMarch 31,2012(Rupees in '000)March 31,2013March 31,2012(Rupees in '000)INCOMEService charges on loans to Partner OrganizationsIncome on investments and saving accounts13Amortization of deferred income - grant fundAmortization of deferred benefit of below marketrate of interest on long term loanOther 51,846,611297,829EXPENDITUREGeneral and administrative expenses14113,465106,903350,767Seminars, workshops and trainings158,0009,70418,86224,744Technical and other studies1625,60114,10363,62172,312Project and relief activities1730,2543,49496,305206,265Loan loss provision6-31,934-70,875Financial charges18SURPLUS FOR THE PERIODOTHER COMPREHENSIVE INCOME FOR THE PERIODTOTAL COMPREHENSIVE INCOME FOR THE 8,0751,361,517The annexed notes 1 to 20 are an integral part of these financial statements.ChairmanChief Executive Officer1,091,088
PAKISTAN POVERTY ALLEVIATION FUNDCondensed Interim Cash Flow Statement (Un-audited)for the nine months ended March 31, 2013NoteMarch 31,2013March 31,2012(Rupees in '000)CASH FLOWS FROM OPERATING ACTIVITIESSurplus for the nine monthsAdjustment for non cash items:DepreciationAmortization of intangible assetsGrants for operational assistanceAmortization of deferred benefit of below marketrate of interest on long term loanLoan loss provisionGain on sale of fixed assetsFinancial (233,805)3,096,874117,0464,371,648NET (DECREASE) IN CASH AND CASH EQUIVALENTS3,507,193(472,265)CASH AND CASH EQUIVALENTS AT BEGINNING OF THE NINE MONTHS2,405,2972,766,2205,912,4902,293,955Working capital changes(Increase) / decrease in current assets:Advances, deposits, prepayments and other receivablesProfit/service charges receivablesIncrease / (decrease) in current liabilities:Accrued and other liabilitiesCash generated from operationsDisbursements to partner organizations:LoanGrantsRecoveries of loans from partner organizationsFinancial charges paidCash flows from operating activitiesCASH FLOWS FROM INVESTING ACTIVITIESInvestments - net purchasesCapital expenditure incurredProceeds from disposal of fixed assetsCash flows from investing activitiesCASH FLOWS FROM FINANCING ACTIVITIESLong term loans - receivedLong term loans - repaidDeferred liabilities - grant fund receiptsDeferred income - grant fund receiptsCash flows from financing activitiesCASH AND CASH EQUIVALENTS AT END OF THE NINE MONTHS8&9The annexed notes 1 to 20 are an integral part of these financial statements.ChairmanChief Executive Officer
PAKISTAN POVERTY ALLEVIATION FUNDCondensed Interim Statement of Changes in Fund and Reserves (Un-audited)for the nine months ended March 31, 2013NoteBalance as at June 30, 2011EndowmentFund1,000,000Total comprehensive income for the yearSurplus for the nine months ended March 31, 2012Other comprehensive income-Transfer from accumulated surplus to grant fund-Transfer from accumulated surplus toreserve for grant based activities-Balance as at March 31, 20121,000,000Total comprehensive income for the yearSurplus for the quarter ended June 30, 2012Other comprehensive income-Transfer from accumulated surplus to grant fund-Transfer from accumulated surplus toreserve for grant based activities-Balance as at June 30, 20121,000,000Total comprehensive income for the yearSurplus for the nine months ended March 31, 2013Other comprehensive income-Transfer from accumulated surplus to grant fund-Transfer from accumulated surplus toreserve for grant based activities-Balance as at March 31, ,6143,803,563890,5364,694,099Reserve forgrant basedactivities(Rupees in 1,361,5171,361,517(890,536)-(212,024)-3,960,397The annexed notes 1 to 20 are an integral part of these financial statements.ChairmanTotalChief Executive Officer10,266,987
Pakistan Poverty Alleviation FundNotes to the Condensed Interim Financial Statements (Un-audited)for the nine months ended March 31, 20131.Pakistan Poverty Alleviation Fund ("the Company") was registered in Pakistan on February 6, 1997 as a publiccompany with liability limited by guarantee, under Section 42 of the Companies Ordinance, 1984. The primaryobject of the Company is to help poor, the landless and the asset-less in order to enable them to gain accessto the resources for their productive self employment and to encourage them to undertake activities of incomegeneration, poverty alleviation and for enhancing quality of life.2.These condensed interim financial statements for the nine months ended March 31, 2013 are un-audited andhave been prepared in accordance with the requirements of International Accounting Standard - 34: "InterimFinancial Reporting". These condensed interim financial statements do not include all the information requiredfor full annual financial statements and should be read in conjunction with the annual financial statements ofthe Company for the year ended June 30, 2012. Comparative condensed interim balance sheet is extractedfrom annual audited financial statements for the year ended June 30, 2012, whereas, comparative condensedinterim income and expenditure account, condensed interim cash flow statement, and condensed interimstatement of changes in fund and reserves are stated from unaudited condensed interim financial statementsfor the nine months ended March 31, 2012.3.Accounting policies adopted for preparation of these financial statements are the same as those applied inpreparation of the annual financial statements for the year ended June 30, 2012.Note4.FIXED ASSETS - TANGIBLEOpening written down valueAdditionsWritten down value of disposals / 358,82344,292(582)(25,183)77,350LONG TERM INVESTMENTS - held to maturity.1Pakistan Investment Bonds (PIBs)Term Deposit Receipts (TDRs)5.1Less: Long term investments maturing within next twelvemonths shown as current asset5.1Un-auditedAuditedMarch 31,June 30,20132012(Rupees 803,563994,000Represents investments in PIBs as on rate% per annumPaymentterms400.0 million200.0 million200.0 million194.5 million194.0 million236.4 511.25Semi annuallySemi annuallySemi annuallySemi annuallySemi annuallySemi annually
Note6.LOANS TO PARTNER ORGANIZATIONS - secured,considered goodAGAHEAl Mehran Rural Develpoment and Welfare OrganizationASA Pakistan LimitedAsasahBadbaan Enterprise Development ForumBaidarieBRAC PakistanBuksh FoundationBunyad Literacy Community CouncilCentre for Women Cooperative DevelopmentChenab Development FoundationCommunity Support ConcernDevelopment Action for Mobilization and EmancipationDia Welfare OrganizationFarmers Friend OrganizationGhazi Brotha Taraqiatee IdaraJinnah Welfare SocietyKarwan Community Development OrganizationKashf FoundationKhajji Cooperative SocietyKhushhali BankKhwendo Kor Women and Children Development ProgrammeKiran Welfare OrganizationMarvi Rural Development OrganizationMashal Development OrganizationMehran Education SocietyMojaz FoundationNarowal Rural Development ProgrammeNational Rural Support ProgrammeNRSP Microfinance BankOrangi Charitable TrustOrganization for Participatory DevelopmentOrix Leasing Pakistan LimitedPoverty Eradication NetworkPunjab Rural Support ProgrammeRural Community Development SocietySAATH Development SocietySarhad Rural Support ProgrammeSave The PoorSayya FoundationShadab Rural Development OrganizationShah Sachal Sami Welfare AssociationSindh Agricultural & Forestry Workers Coordinating OrganizationSindh Rural Support OrganizationSindh Rural Support ProgrammeSoon Valley Development ProgrammeSwabi Women Welfare SocietyThardeep Rural Development ProgrammeVillagers Development OrganizationWomen Social OrganizationYoung Pioneers Society.1Less: Loan loss provision.2Less: Amount receivable within next twelve monthsshown as current asset6.16.2Un-auditedAuditedMarch 31,June 30,20132012(Rupees in 10,360,561)2,191,796
6.1The Company disbursed microcredit loans to POs under respective Financing Agreements at service chargesbased upon a range of benchmarks including KIBOR. These loans are secured through letter of hypothecationon receivables of POs created out of financing obtained from the Company. Further, the Company maintains afirst charge on all assets / capital items created out of financing provided for capacity building and under theexclusive lien of the Company until full repayment of the principal, service charges and other outstandingamounts payable to the Company. These loans are repayable on quarterly basis within two years under therespective financing agreements signed between the Company and the POs. During the year the loans weredisbursed at a service charge ranging from 8% to 14.25% (June 2012: 8% to 14.25%).Note7.SHORT TERM INVESTMENTS7.17.27.3.1.2.3Specific to projectsSpecific to grant fundSpecific to 5,0004,564,9026,409,902These represent investments in term deposit receipts in respect of Programme for Increasing SustainableMicrofinance (PRISM) activities, maturing within one year from the date of investment at annual markup ratesranging from 8.70% p.a. to 11.25% p.a (June 2012: 10.50% p.a. to 11.76% p.a). As agreed in the SubsidiaryFinancing Agreement, these funds were placed with commercial banks as cash collaterals for providing apartial guarantee to the Banks to facilitate lending to following Microfinance Institutions:Investment amountUn-auditedAuditedMicrofinance institutionsJune 30,March 31,201320122013Kashf Foundation500 millionNational Rural SupportProgramme1,250 millionOrangi Charitable Trust150 millionBRAC Pakistan250 millionSindh Agricultural & Forestry WorkersCoordinating Organization50 millionAsasah50 millionJinnah Welfare Society40 millionRural Community DevelopmentSociety125 millionDevelopment Action for Mobilization150 millionand EmancipationCommunity Support Concern50 millionThardeep Rural Development100 millionProgramPunjab Rural Support Program100 millionTotalRunning finance facilityUn-auditedAuditedMarch 31,Rs7.2Un-auditedAuditedMarch 31,June 30,20132012(Rupees in '000)2,815 millionJune 30,2012Rs500 million750 million750 million500 million150 million250 million1,650 million150 million425 million850 million150 million425 million50 million50 million20 million60 million55 million60 million60 million55 million22 million25 million188 million28 million150 million50 million60 million75 million60 million75 million100 million150 million150 million150 million1,845 million3,773 million2,625 millionSpecific to grant fund includes investments of Rs 582,077 thousand (June 2012: Rs 671,679 thousand)(equivalent to 5%(June 2012: 5%) of the loan receivable from Partner Organizations) as disaster relief fund,and Rs 4,106,753 thousand (June 2012: Rs 3,131,884 thousand) as grant fund to finance grant basedactivities.These funds are invested in term deposit receipts maturing within one year from the date of investment, atannual mark up rates ranging from 8.70% p.a to 13.60% p.a (June 2012: 11.24% p.a to 14.00%p.a.).
Note7.3Specific to othersTerm Deposit Receipts (TDR)Government Treasury BillsPakistan Investment Bonds (PIBs)Un-auditedAuditedMarch 31,June 30,20132012(Rupees in ,101,727233,000.37.3.34,119,1844,515,1457.3.1 These funds are invested in term deposit receipts maturing within one year from the date of investment, atannual mark up rates ranging from 8.85% p.a to 12.00% p.a (June 2012: 11.24% p.a to 14.00%p.a.).7.3.2 These funds are invested in Government Treasury Bills maturing within one year from the date of investment,at annual mark up rates ranging from 9.25% p.a to 9.25% p.a (June 2012: 11.78% p.a to 13.28% p.a.).7.3.3 Specific to others include investments of Rs 1,746,232 thousand (June 2012: Rs 2,015,037 thousand)(equivalent to 15% (2012: 15%) of the loan receivable from Partner Organizations) to safeguard against anymajor default on loan receivable and provide capital adequacy; and Rs 2,136,552 thousand held in short terminvestments and Rs. 430,400 thousand held in long term investments (June 2012: Rs 2,549,865 thousand)are available for lending activities.Note8.BANK BALANCES - SPECIFIC TO PROJECTSCash at banks - current accountsSpecific to IDA IIISpecific to IFAD - PRISMSpecific to Kfw - Livelihood and community infrastructureSpecific to Kfw - Renewable energySpecific to Banezir Income Supprot Program (BISP)Specific to CECP grantCash at banks - deposit accountsSpecific to USDA grantSpecific to BISPUn-auditedAuditedMarch 31,June 30,20132012(Rupees in 028.1This represents BISP funds available in operational account of PPAF. The amount was transferred on theclosure of citibank operations in Pakistan.8.2As per the financing agreements signed with various donors, PPAF is allowed to draw funds from the specialaccounts for carrying out eligible categories of expenses. However, such funds cannot be invested to earnprofit and are hence kept in special project specific bank accounts.Note9.CASH AND BANK BALANCESCash in handCash at banks - current accountsCash at banks - deposit accounts.19.1Un-auditedAuditedMarch 31,June 30,20132012(Rupees in 141,883141,893
9.1The balances in deposit accounts carry average mark up of 8 % p.a. (June 2012: 11 % p.a.).9.2Deposit accounts include an amount of Rs. 204 million carrying average markup rate of 9% p.a. on a dailyproduct basis. The amount is kept for disbursement of microcredit loans to partner organizations.10.ENDOWMENT FUNDThis represents the amounts paid by GOP for endowment fund under the Subsidiary Financing Agreements(SFAs) for IDA I and IDA II projects. Under the SFA, the fund is to be invested in the government schemes /bonds and income generated therefrom shall be utilized for revenue and capital expenditure of the CompanyNote11.Un-auditedAuditedMarch 31,June 30,20132012(Rupees in '000)LONG TERM LOANS - UnsecuredGovernment of Pakistan - PPAF - I (IDA financing)Government of Pakistan- PPAF - II (IDA financing)Government of Pakistan - (IFAD financing-MIOP)Government of Pakistan - (IFAD financing-PRISM)Government of Pakistan- PPAF - III (IDA financing)11.111.211.311.411.5Less: Amount payable within next twelve monthsshown as current ,020)2,083,15211.1 Government of Pakistan - PPAF - I (IDA financing)Opening balanceAmount repaidAdjustment on finalisation of repayment schedule with GOPA Development Credit Agreement (DCA) was signed between International Development Association (IDA)and the Government of Pakistan (GOP) on July 7, 1999. IDA made available to GOP a sum of SpecialDrawing Rights (SDR) of 66.5 million over a period of five years to be utilized by GOP through the Company.Under Subsidary Financing Agreement (SFA) dated August 18, 1999 executed between GOP and theCompany 50% of the amount was disbursed as loan to the Company and the balance as grant on nonreimburseable basis. The principal amount of loan is repayable over a period of twenty three years, including agrace period of eight years, in thirty semi-annual installments payable on each May 15, and November 15commencing from November 15, 2007 and ending on May 15, 2022. Each installment upto and including theinstallment payable on May 15, 2013 shall be equal to 2.083% of such principal amounts and each installmentthereafter shall be equal to 4.167% of such principal amount. These loans carry a service charge of 0.75 %per annum on the principal amount of loan withdrawn and outstanding from time to time and the commitmentcharge at the rate set by the IDA on the principal amount of the loan not withdrawn from time to time. Theservice and commitment charges are payable on May 15 and November 15 each yearNoteUn-auditedAuditedMarch 31,June 30,20132012(Rupees in '000)11.2 Government of Pakistan- PPAF - II (IDA financing)Opening balanceAdjustment in finalisation of repayment schedule with GOPAmount 279,306(178,996)8,414,199
Second DCA was signed between IDA and the GOP on January 20, 2004, in respect of PPAF II. As peragreement IDA shall make available to GOP a sum of Special Drawing Rights (SDR) of 168.1 million over aperiod of four years to be utilized by GOP through the Company.Under SFA dated March 24, 2004 executed between GOP and teh Company, the GOP agreed to provide56% of the amount as loan to the Company and the balance as grant on non reimbursable basis. Theprincipal amount of loan is repayable over a period of twenty three years, including a grace period of eightyears, in thirty semi-annual i
Dr. Nuzhat Ahmad Dr. Suleman Shaikh Dr. Naved Hamid Mr. Abdul Khaliq Mr. Iftikhar Ahmad Rao Dr. Rajab Ali Memon Dr. Aisha Ghaus Pasha Prof. Aijaz Ahmed Qureshi Mr. Zubyr Soomro Mr. Qazi Azmat Isa Chief Executive Officer . The statem The p throu re
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Dr. Nuzhat Ahmad Mr. Rafiud Deen Ahmad Mr. Rana Assad Amin Dr. Naved Hamid Dr. Rajab Ali Memon Dr. Aisha Ghaus Pasha Mr. Asif Qadir Mr. Zubyr Soomro Mr. Qazi Azmat Isa Chief Executive Officer BOD Committees: Board Compensation Committee: Mr. Hussain Dawood Chairman Mr. Zubyr Soomro Dr
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