PTI Govt Gave $3 Billion In Interest Free Loans To Businessmen

PTI Govt Gave $3 Billion In Interest Free Loans To Businessmen
The National Assembly’s standing committee on finance was told on Thursday that nearly $3 billion were given out as interest free loans during the Pakistan Tehreek-e-Insaf (PTI) government’s tenure.

The revelations were made in a meeting of the committee which the State Bank of Pakistan's (SBP) deputy governor Dr. Inayat Hussain also attended.

The standing committee's chairman Qaiser Sheikh said that the loans had been issued by the SBP and claimed that the bank had a list of the people the money had been given to. MNA Barjees Tahir sought details of 600 borrowers who secured this facility. However, the deputy governor said that the loans had been issued by commercial banks.

The SBP deputy governor added that the Temporary Economic Refinance Facility (TERF) had been given during the COVID-19 pandemic. He also added that the loans had been given by the PTI government to the business community, because investment had declined substantially during the global pandemic.

MNA Dr. Nafisa Shah asked the governor to detail the terms that these loans had been provided on. But the deputy governor declined Dr. Shah's request, saying that the information was "confidential" and banks were "bound to keep it secret".

State minister for finance Aisha Ghaus Pasha said that the details could be revealed during an in-camera session. Committee chairman Qaiser Sheikh therefore directed the deputy governor to give a detailed in-camera briefing on the TERF loans given out during the PTI's tenure.