ISLAMABAD, Dec 26: Prime Minister Shaukat Aziz here on Monday said the Corporate and Industrial Reconstruction Corporation (CIRC), which was set up as an important part of government’s financial sector reforms, had been able to achieve its targets and clear the balance sheets of various banks and development and financial institutions (DFIs).

While presiding over the meeting of CIRC board here at the PM House, Mr Aziz said that the CIRC had managed the mandate assigned to it in a professional manner. It had also contributed in expediting the privatization process.

“It is a good example of effective coordination between various departments”, the prime minister said, stated an official announcement released after the meeting.

After considering the pros and cons of various options, the board advised the management to prefer the option of transferring the residual portfolio to a financial institution having substantial government holding. The board advised the management to consult the executive committee of the board for formulation of details of its sunset plan.

The board reviewed the operational performance of CIRC and noted that the corporation assisted the banking sector in getting rid of huge number of non-performing loans and facilitated the privatization of nationalized banks and DFIs.

The board observed that by reviving about 142 sick industries, the CIRC was able to create about 30,000 direct and indirect employment opportunities and facilitated investment of over Rs2 billion by the new buyers.