Excluding IMF packages: $57.271bn foreign loans taken in 5 years, NA told

ISLAMABAD: The Ministry of Economic Affairs informed the National Assembly on Monday that the foreign loans, excluding IMF loans, received by the government during the last five years (01-07-2018 to 30-06-2023) are $57.271 billion ($57,271.78 million) and out of that, $9.81 billion ($9,818.95 million) have been received against project financing.

In a written reply to the question of Shakir Bashir Awan, Minister of Economic Affairs Ahad Cheema told the National Assembly that total amount of interest/ markup paid against foreign loans, excluding IMF loans, acquired during the said period is $3.903 billion ($3,903.87 million) out of which $889 million were paid as markup against project loans.

The domestic loans are primarily obtained either through auctions of Government of Pakistan Securities or debt raised through Central Directorate of National Savings. The written reply stated that the primary purpose of the domestic financing is deficit financing and maintaining reasonable cash buffer for the government. “No project financing is carried out through domestic debt operations,” the National Assembly was informed.

Replying to another question of Syed Rafiullah with regard to advance tax that has been collected from the mobile users during the last five financial years, the Ministry of Finance and Revenue told that National Assembly that Rs50 billion in 2020, Rs55 billion in 2021, Rs61 billion in 2022, Rs80 billion in 2023 and Rs92 billion in 2024.

The House was told that the data related to number of users and average usage of mobile services by the citizens is not available with the Federal Board of Revenue (FBR), but with the Ministry of Information and Technology.

The written reply stated that under the Advance Tax Ordinance 2001 and any taxpayer can claim it as refund in his income tax returns, adding that no different treatment available for the beneficiaries of any charitable scheme regarding levying of any advance tax. The House was further told that fair taxation policies are ensured for people having an annual income below the income tax threshold.