PAC seeks NAB, FIA, AGP reports on US$ 3bln loans in PTI tenure

ISLAMABAD: The Parliament’s Public Accounts Committee on Wednesday directed the NAB, FIA and Auditor General Pakistan to submit report over three billion dollars loans given to 620 borrowers in PTI government, ARY News reported.

“It was informed at the in-camera session that the loans were given to businessmen on three to five percent interest rate,” PAC chairman Noor Alam Khan told the session.

PML-N member of the PAC, Birjis Tahir said that eight banks have played pivotal role in devaluation of Pakistani currency. “The names of 620 individuals should be unveiled,” he urged.

The PAC members recommended inquiry of the matter on merit.

“Three billion dollars are as much as 900 billion rupees,” Birjis Tahir said. “One must know, the people intending to destroy the national economy,” he remarked.

“No person, even a minister, has been above the law. I am asking chairman NAB to check my assets,” Noor Alam said.

Wajeeha Qamar demanded forensic audit of the matter. “This is a poor country three billion dollars are massive amount,” PAC chairman remarked.

In a previous PAC session, the State Bank refused to share the list of 620 borrowers given three billion dollars loans on zero-interest.

“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.

“It was the State Bank’s re-finance scheme,” Secretary Finance replied. “The central bank has been entitled to launch such scheme under 1956 Act,” he added.

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 must be unveiled, how much money was borrowed and by whom,” PAC chairman Noor Alam insisted.

The central bank had agreed to provide the list of the borrowers in an in-camera session.