- Punjab CM holds meeting with CEO Jazz, discusses investment and business opportunities in Punjab
LAHORE: The Punjab government on Saturday claimed it had cleared its long-standing bank debt of Rs675 billion after more than three decades, saying the “historic step” will now free up resources for public welfare.
According to officials, the debt was largely linked to wheat procurement and subsidy programmes. Its repayment ends daily interest payments of Rs250 million and marks the closure of the province’s chapter on domestic bank borrowing.
Chief Minister Maryam Nawaz, Chief Secretary Zahid Zaman and Finance Secretary Mujahid Sherdil were credited with leading the repayment effort, which the government said will strengthen the provincial economy and save billions annually in interest costs.
The final instalment of Rs13.8 billion was paid to the National Bank of Pakistan, while the government rejected all bank requests to roll over the loans. Officials said that without timely repayment, the province would have faced monthly interest costs of Rs500 million.
“With the repayment of Rs675 billion, a new example of financial self-reliance has been set,” the provincial government said in a statement. It added that the move had brought “historic improvement” to Punjab’s finances, with the annual savings on interest now available for development spending.
“The debt repayment will enhance Punjab’s financial stability. The chapter on bank loans is closed — now resources will be spent on public welfare,” the statement said.
CM Maryam Nawaz Meets CEO Jazz
Meanwhile, Punjab Chief Minister Maryam Nawaz held a meeting CEO Jazz Aamir Ibrahim and discussed investment and business opportunities in Punjab with him.
During the meeting, the chief minister said that all steps were being taken to promote investment in Punjab. “I want to make Punjab a hub of local and foreign investment,” the Punjab CM said.
CEO Jazz Aamir Ibrahim appreciated various steps taken by the Punjab government for the improvement of the mobile sector in the province.
CM Grieves At Death of 02 Children in Domeli & Pasrur
Meanwhile, Chief Minister Maryam Nawaz sought a report from Jhelum and Sialkot administrations while expressing a deep sense of grief and sorrow overthe deathh of 02 children by drowning in rainwater drains in Domeli and Pasrur. She offered condolences and extended her heartfelt sympathies to the bereaved families. She appealed to the parents to keep their children away from flooded drains during monsoon.
