PAC settles Rs3 billion loan case during PTI regime

Authorities did not provide names of lending banks and borrowers

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The Public Accounts Committee (PAC) has disposed of the issue of $3 billion interest-free loans to 628 people during the PAKISTAN Tehreek-e-Insaf (PTI) regime without any action.

A meeting of the Public Accounts Committee of parliament was held under the chairmanship of Chairman Noor Alam Khan, which was also attended by officials of the Ministry of Finance and The State Bank of Pakistan.

On the request of the Ministry of Finance and the State Bank, the meeting was held in-camera, and was briefed on the loans given to 620 influential industrialists and businessmen in 2020 during corona.

According to sources, the authorities did not provide the names of the lending banks and the borrowers, and only revealed the names of the companies.

Chairman PAC proposed to hand over the case to NAB and FIA, but other members opposed it, arguing that handing over the case to NAB and FIA would have a negative impact on the industrial sector.

After opposition from the members, the committee settled the issue of interest-free loans of 628 individuals.

It should be noted that huge loans were issued under the turf scheme during Corona, commercial banks gave loans under the temporary economic refinance facility, while the PAC had asked for a complete list of beneficiaries of the loans.