LAHORE, Dec 19: Conceding that the pace of disbursement of loans under the President’s Rozgar Scheme had so far been extremely slow, NBP President Syed Ali Raza on Tuesday said the removal of strict conditions for eligibility would attract more applications during the first quarter of 2007.

Despite insistence by reporters, the NBP president refused to give the exact amount disbursed so far under the scheme, saying it did not matter as to how many borrowers had obtained how much loan so far. “The figures I give you now will change in one hour,” he told reporters at the inauguration of a conference organised by the Pakistan Society of Development Economists (PSDE) at a hotel.

He said the pace of disbursements had remained slow because of Ramazan and other factors. “It is a new scheme and we are removing the irritants to enable more and more people eligible for obtaining subsidised loans under the scheme.” He said the bank intended to disburse loans to three million borrowers over the next five years.

He sought to dispel the impression that the scheme was politically motivated, saying it had nothing to do with the general elections expected next year.

He said the bank planned to expand its foreign network by opening branches in India, Saudi Arabia and Canada.

In response to a question, he rejected the reports that he had been given a bonus of Rs60 million. “It is not true,” he said. But he refused to disclose the size of bonus given to him by the bank, saying everything can be found in the published accounts of the bank.