State Bank tells banks to help pay for dams

July 10, 2018

Diamer Bhasha

 

Pakistan’s central bank has instructed commercial banks to work with domestic and overseas donors who are willing to send money to the government fund that will finance the construction of Diamer Basha and Mohmand dams.

On Tuesday, the State Bank of Pakistan directed financial institutions to use all transfer channels, including wire transfers, internet banking and ATMs to do this. The SBP asked banks to make public international bank account numbers on their websites to facilitate dollar transfers, so that anyone who wants to contribute across 16,000 branches in the country can do so.

Calling the country’s depleting water reserves the nation’s greatest asset, SBP Deputy Governor Shamsul Hassan said the central bank will not allow there to be any hurdles in the financing of the two dams. He announced that the officers of the central bank and its subsidiaries will donate two- and one-day salaries to the fund. This would be voluntary for people working at UBL, NBP, HBL, ABL etc.

The top management of the five big banks were at the press conference and announced their staff would donate one day’s salary to the fund and the banks would match it.

This development comes in the wake of a Supreme Court order, dated July 4, following which the finance division of the Government of Pakistan created the Diamer Basha and Mohmand Dam Fund-2018 to collect donations for the construction of the two projects.