ISLAMABAD: The federal government took $36.8 billion foreign loans during last five years to build country’s forex reserves and repay previous loans .
Secretary Economic Affairs Division Arif Khan informed the National Assembly standing committee on finance and revenue about foreign loaning and aids etc on Friday. He also briefed the Committee about the role of EAD. He said that federal government had taken $36.8 billion foreign loans in last five years.
Giving details, Khan said that Pakistan had taken $7.2 billion loan from the commercial banks and $5.8 billion from the World Bank. Similarly, Pakistan borrowed $4.4 billion from the Asian Development Bank and issued Sukuk and Euro bonds worth of $4.5 billion. However, the recently launched Sukuk and Euro bonds worth of $2.5 billion are not included in these loans . He further informed that Pakistan had also borrowed $6.6 billion from the International Monetary Fund during last five years.
The National Assembly’s standing committee on finance and revenue, which met under the chairmanship of Qaiser Ahmad Sheikh, MNA, showed its displeasure on the absence of the finance minister, finance secretary and finance advisor.
The acting chairman of Securities and Exchange Commission of Pakistan (SECP) briefed the Committee on insider trading in stock exchange. The Committee showed its displeasure on the performance of the SECP as not a single criminal case of insider trading against any Stock Exchange dealer has been filed by SECP in the Court of Law since 2015. The acting chairman of the SECP told the Committee that SECP has taken cognizance on the offence of insider trading and accordingly has filled 04 criminal complaints before the Court of Sessions. The SECP is investigating against 15-20 companies for inside trading.
