ISLAMABAD, April 8: Prime Minister Mir Zafarullah Khan Jamali here on Tuesday announced a special package for the borrowers of Zarai Taraqiati Bank Ltd (ZTBL), formerly known as ADBP.

The package, which was announced by the prime minister during his visit to the ZTBL, provided incentives for those borrowers availing production/short-term loans for input like seeds, fertilizers and for development loans for tractor, tube-wells etc.

In this package the loans which were advanced/sanctioned on or after January 1, 2003, would get relief of three per cent by paying back their loans at 11 per cent markup instead of 14 per cent.

The incentive would be applicable to those loanees who pay back to the bank two consecutive dues in time. The borrowers would be provided this incentive on timely payment of second successive instalment.

On this occasion the prime minister stressed the need to inculcate a sound credit repayment discipline among borrowers. He also emphasized the need for providing relief in the markup on the repayment of loans by the good borrowers.

The prime minister extended the last date for repayment of stuck-up loans from April 14 to July 31, 2003. This would enable growers/farmers to take advantage of the harvest of Rabi crop.

He also advised the extension from three months to one year on repayment of stuck-up loans up to Rs5 million for which the loanees would pay 5 per cent token money instead of 10 per cent.

Th PM assured the bank management of full support to run the affairs of the bank without outside interference.

Earlier, President/CEO ZTBL Istaqbal Mehdi gave a detailed briefing on the restructuring process initiated last year to turn the bank into a viable corporate entity.