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ISLAMABAD Aug 17,2026: The National Assembly Standing Committee on Commerce has decided to summon the Finance Secretary and Governor of the State Bank of Pakistan (SBP) over the unresolved Rs342.947 billion receivables of the Trading Corporation of Pakistan (TCP).
The outstanding amount includes Rs265.719 billion in accumulated bank markup, according to official documents.
The committee took the decision after Commerce Secretary Jawad Paul and TCP Chairman Rafeo Bashir Shah sought its support in resolving the long-standing issue.
As of July 31, 2026, various government departments and recipient agencies owed TCP Rs342.947 billion. The principal amount stood at around Rs77.228 billion, while accumulated markup accounted for Rs265.719 billion.
The largest outstanding amounts included Rs121.138 billion from the Utility Stores Corporation (USC) and Rs76.331 billion from the National Fertilizer Marketing Limited (NFML).
Other major receivables included Rs47.601 billion from the Punjab Food Department, Rs20.748 billion from the Sindh Food Department, Rs17.357 billion from the Khyber Pakhtunkhwa Food Department and Rs11.919 billion from the Balochistan Food Department.
The Government of Gilgit-Baltistan owed Rs7.405 billion, while PASSCO owed Rs6.996 billion. The Government of Azad Jammu and Kashmir had outstanding dues of Rs2.332 billion.
TCP Chairman Rafeo Bashir Shah told the committee that the corporation was pursuing reconciliation with the concerned departments and ministries.
TCP had submitted a draft summary to the Ministry of Commerce in November 2023 for consideration by the Economic Coordination Committee (ECC) and the federal cabinet. The proposal sought settlement of all outstanding dues, including the accumulated markup.
The proposal suggested clearing the markup through a federal budgetary allocation or by issuing Pakistan Investment Bonds (PIBs), similar to the mechanism used in 2011 to settle TCP’s liabilities to banks.
In March 2025, a sub-committee of the National Assembly Standing Committee on Commerce recommended that the Ministry of Finance consult banks on the markup issue. It also suggested capping the accumulated markup or reaching an amicable settlement.
The SBP, however, informed TCP that the issue mainly involved receivables from government departments and agencies. The central bank maintained that neither the SBP nor commercial banks had a direct role in implementing the committee’s decisions.
TCP has maintained that despite repeated requests and parliamentary directives, there has been no significant progress in reconciling and clearing the outstanding liabilities of the concerned departments and agencies.
The documents also show that NFML owed TCP Rs135.270 billion as of April 30, 2026, related to imported urea. During FY2025-26, the government allocated Rs15 billion for the outstanding imported urea subsidy. The amount was paid in two equal instalments of Rs7.5 billion on May 18 and June 30, 2026.
The Commerce Committee is now expected to question the SBP Governor over the central bank’s role in addressing TCP’s growing markup burden and whether the accumulated markup can be reduced or frozen at its current level.
