ISLAMABAD: The Public Accounts Committee (PAC) ordered an investigation yesterday into the issuance of interest-free loans worth $3 billion to certain individuals and companies. It must be mentioned here that this huge amount was issued during the tenure of the previous Pakistan Tehreek-e-Insaf government.

The committee, which met here with its chairman Noor Alam Khan in the chair, also sought the records of loan and the list of the borrowers from the State Bank of Pakistan (SBP). While discussing the matter, Noor Alam Khan warned that if the finance ministry and SBP officials concerned did not provide the relevant information to the committee, he would personally lodged a police case against them.

During the meeting, the committee was informed that 600 people were given loans worth $3 billion during the PTI’s government at zero per cent interest rate. The committee was also informed that one company was give $1 billion loan, which later went bankrupt.

 “The country’s economy is in shambles and there is loot and plunder,” the chair observed. “Whoever is involved in advancing such loans whether the former prime minister or the then finance minister, it must reported to the committee,” he added. He pointed out that just one company was provided $1 billion which went bankrupt.

Published in The Daily National Courier, April, 20 2023

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