ISLAMABAD: The Parliament’s Public Accounts Committee (PAC) on Wednesday directed the NAB, FIA and Auditor General Pakistan (AGP) to submit report about $3 billion foreign aid given as easy loans to 620 organizations during PTI government.
During an in-camera session of the Public Accounts Committee (PAC), Chairman Noor Alam Khan informed the participants that the loans were given to businessmen on three to five percent interest rate.
PML-N member in the PAC, Barjees Tahir said that eight banks had played pivotal role in devaluation of Pakistani currency, emphasizing names of these 620 individuals or businesses should be unveiled.
On the occasion, the PAC members recommended an inquiry of the matter on merit.
“$3 billion amount to Rs900 billion in Pakistan currency,” Barjees Tahir said.
“No person, even a minister, has been above the law. I am asking chairman NAB to check my assets,” Noor Alam said and added that this is a poor country $3 billion are massive amount.
Wajeeha Qamar demanded forensic audit of the matter.
In a previous PAC session, the State Bank refused to share the list of 620 borrowers who had been given $3 billion loans on zero-interest.
“The central bank issued $3 billion’s loans on April 19, 2021, to 620 borrowers on zero-interest rate for a period of 10 years”, the PAC chairman said.
To which, the Finance Secretary replied: “It was the State Bank’s re-finance scheme and the central bank has been entitled to launch such scheme under 1956 Act.”
The SBP Governor has refused to share the list of 620 borrowers with the PAC despite vehement demand. “The exchange of all information between the bank and customers being kept secret and could not be shared with anyone,” the finance secretary also endorsed the governor’s stance.
However, the PAC chairman insisted that “It is the state money, it must be unveiled, how much money was borrowed and by whom.”
The central bank had agreed to provide the list of the borrowers in an in-camera session.
