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The Public Accounts Committee (PAC) of National Assembly has expressed grave concern over waiving-off loans by State Bank of Pakistan (SBP) and other banks and summoned SBP senior officials in its next meeting with detailed documents giving the justification of writing off these loans.
The PAC, which met here on Tuesday with its chairman Nisar Ali Khan in the chair reviewed audit reports for the year 2005-06 of finance ministry and finance division. Audit objections for the year 2005-6 regarding presidency and prime minister secretariat were discussed.
Audit Reports have exposed a total Rs 19.385 billion and Rs 726.41 million irregularities and embezzlements in finance ministry and finance division, respectively. The Committee reviewed the audit objections about the expenditures, allowances and perks and privilege of Presidency during the tenure of former President General (retired) Pervez Musharraf. The PAC said that President Asif Ali Zardari should set an example for others by ending his discretionary financial powers.
During discussing audit paras, Salman Farooqui, secretary general to President Asif Ali Zardari told the meeting that no amount was being spent without maintaining its record in Presidency. Discretionary powers and funds are very critical in developing countries, he added.
Nisar said that discretion powers of the presidency were deliberately misused during the regime of General Pervez Musharraf. He said that President Zardari should set new example by abolishing his financial discretionary powers on the pattern of UK and India. He said that in India, the prime minister and the president have no discretionary powers. The Committee sought report within one month on obtaining additional commission amounting to Rs 295 millions on national saving schemes by PPOD.
Expressing displeasure over non-recovery of loans amounting to Rs 580 millions disbursed by House Building Finance Corporation (HBFC) directed the corporation to evolve a comprehensive strategy for recovery of loans within a month besides categorising the borrowers.
Expressing dissatisfaction over current budget making process, Nisar said any building, which has weakened the foundations could no longer stand. Recommendations will be sent from PAC platform to parliament for amendment in the rules to make budget making process coherent, he informed. A committee comprising officials of prime minister secretariat, finance ministry, law ministry, PAC and audit department will be constituted in this regard, he added.

Copyright Business Recorder, 2009

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