ISLAMABAD: The Public Accounts Committee (PAC) has directed a forensic audit of soft loans amounting to $3 billion extended to various companies and individuals during the tenure of the Pakistan Tehreek-e-Insaf (PTI), media reported Thursday.
Governor State Bank of Pakistan Jameel Ahmed agreed to share the list of borrowers in an in-camera meeting during the committee meeting.
The soft loans of $3 billion were extended during the COVID-19 pandemic.
Chairman Noor Alam Khan presided over the meeting, which the finance secretary and State Bank governor also attended.
Moreover, the committee comprised representatives of the Ministry of Defence, the Ministry of Commerce and the Auditor General’s office to investigate the matter.
It was disclosed that during the PTI government’s tenure, textile, cement, tire and auto industries took $3 billion in loans under the refinancing scheme at a 5% interest rate.
Khan directed the SBP to share the list of borrowers with the committee in an in-camera meeting within three days. He said on April 19, the State Bank of Pakistan had been asked under Article 66 of the Constitution to furnish the record of loans given to 620 people, but it was not given. –Agencies
