ISLAMABAD: Minister for Finance Ishaq Dar has told the Senate that since June 2013 the government has obtained loans worth Rs2796.1 billion from the State Bank of Pakistan (SBP), commercial banks and National Savings Schemes.
Government has borrowed Rs1601.3 billion from banks since its inception in June 2013 and non-bank schemes have lent Rs1194.8 billion to the PML-N government, the Senate has been told in black and white.
While replying to a question asked by Senator Sehar Kamran, Ishaq Dar submitted in the Upper House that Net amount of loans contracted and obtained by present government during June 6, 2013 to end October 2015 from bilateral and multilateral sources was $4.310 billion. Dar explained that these loans were obtained for financing projects of national importance, balance of payments, import of crude oil and for budgetary support and fiscal deficit.
The senators were told by the Ministry of Finance that during the fiscal year 2013-14, the government borrowed Rs876.992 billion in total; Rs323.662 billion from banks and Rs553.33 billion from non-banks. In fiscal year 2014-15, Rs1258.195 billion were obtained as loans from the banks and saving schemes. Banks lent Rs892.057 billion and saving schemes Rs366.138 billion. From July to October 2015, the government borrowed Rs130.296 billion from banks and Rs178.626 billion from non-banks making the total Rs308.921 billion so far.
About the foreign loans, Dar told the senators that $435.41 million had been given by China; $1252.91 million by IDA; $375.26 million by IDB; $260.73 million by NORDIC; $8.24 by OPEC; $33 million by ECO bank; $450 million by Credit SUISSE AG, UBL, ABL; EURO bonds $3,500 million and IMF loan of $360.7 million.
It is worth mentioning here that last month, Ishaq Dar said on floor of the House f the Finance Ministry was to repay the loans of all previous governments, the ministry’s name should be changed into the Ministry of Loans.
