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Cabinet decisions

Draft Ordinance to set up CIRC approved

T A MALIK

ISLAMABAD: The Federal Cabinet in principle approved draft ordinance for setting up the "Corporate and Industrial Restructuring Corporation" (CIRC) to promote the revitalisation of nation's economy through acquisition of non-performing assets of banks and DFIs.

The Cabinet, which met here on Wednesday with Chief Executive General Pervez Musharraf in the chair, noted that the establishment of CIRC would ultimately lead to the revival of sick industries in Pakistan. The draft will be promulgated soon after vetting by the Ministry of Law and Justice.

The Cabinet also approved the replacement of the Insurance Act 1938 with a new legislation in order to update and modernize the provisions of the Insurance Act for general improvement of insurance in Pakistan and to rectify the existing defects in the insurance market and regulatory system of insurance and effective enforcement of insurance laws.

The Cabinet okayed a proposal for promulgation of an Ordinance to reform the juvenile justice system. The Cabinet reiterated that Pakistan accorded high priority to the programmes for the survival, protection and development of children and was making efforts to ensure that no child is subjected to torture, cruel treatment, unlawful arrest and deprivation of liberty as enunciated in UN Convention on the Rights of the Child, of which Pakistan is a signatory.

The Cabinet approved a proposal by the Ministry of Commerce to initiate negotiations to finalize a draft for a bilateral trade agreement between Pakistan and Kuwait. The proposed agreement will help in developing and strengthening the existing commercial relations between the two countries.

The Cabinet approved a draft Ordinance providing for elevation of National Institute of Modern Languages to the status of the National University of Modern Languages.

The Cabinet decided to refer a number of recommendations to the newly constituted permanent National Commission for Women to help emancipate the condition of women and solve the problems being faced by women in several sectors.

The Cabinet also accorded approval to the ratification of cultural agreements between the Government of Pakistan and the Government of Libya for promotion of bilateral cooperation in the fields of arts, culture, education and information, sports and youth affairs.

The Cabinet approved ratification of the agreement signed between Pakistan and Qatar on promotion and protection of investment.