The Pakistan Information Commission (PIC) has dealt a significant blow to the State Bank of Pakistan (SBP), rejecting its final appeal against the decision to disclose the list of 1,000 major loan defaulters. The commission has directed SBP to make this information public by September 5.
SBP had previously argued that it was exempt from disclosing such information due to legal provisions. However, the PIC dismissed these claims, stating that the State Bank’s role as a regulator requires it to maintain records of loan defaults. The commission further emphasized the importance of transparency and accountability in promoting economic development and good governance.
The PIC’s decision has implications for transparency and accountability in Pakistan’s financial sector. It sends a clear message that government institutions must be held accountable for their actions and that the public’s right to information is paramount. Failure to comply with the commission’s order could result in strict penalties for SBP officials.