ISLAMABAD: The State Bank refused to share the list of 620 borrowers given three billion dollars loans on zero-interest with the Parliament’s Public Accounts Committee, ARY News reported on Wednesday.
The PAC session chaired by Noor Alam Khan considered over the issue of zero-interest loans to favorites’ during the PTI government’s tenure. “The central bank issued US$ 3 billion’s loans on April 19, 2021, to 620 borrowers”. “The loan was given on zero-interest rate for 10 years”, PAC chairman said.
PML-N lawmaker Birjis Tahir demanded the list of the borrowers,” Why they were rewarded when the common man requires to pay 21 percent interest,” he questioned.
“It was the State Bank’s re-finance scheme,” Secretary Finance replied. “The central bank has been entitled for launching such scheme under 1956 Act,” he added. “The SBP enforced this scheme with the private banks,” he said.
“The scheme was expired after one year. The loan was not in foreign currency, the banks financed in the local currency,” Governor State Bank said.
Governor SBP refused to share the list of 620 borrowers on the PAC demand. “The exchange of all information between the bank and customers being kept secret and could not be shared with anyone,” the secretary finance ministry also endorsed the governor’s stance.
“It is the state money, it could be unveiled, how much money was borrowed and by whom,” PAC’s chairman Noor Alam insisted.
The central bank, however, agreed to provide the list of the borrowers in an in-camera session.
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