ISLAMABAD: Members of the Public Accounts Committee (PAC) again demanded a list of the 628 individuals/businesspersons to whom commercial banks provided around $3bn in loans at a zero mark-up rate for 10 years during the Pakistan Tehreek-e-Insaf (PTI) government.

The officials of the National Accountability Bureau (NAB) apprised the committee about the initial investigation into the $3 billion loan programme. They said that the scheme was introduced in March 2020 for the revival of the economy affected by the Covid pandemic.

Initially, Rs100 billion was allocated which was increased to Rs435 billion at a later stage. Around Rs398 billion was released under the programme and Rs1,145 billion was collectively released. The individuals and companies were offered loan at five percent interest rate, they informed the committee.

Noor Alam Khan chaired the meeting of PAC on Tuesday to examine the Audit Reports of the Ministry of Interior including the CDA, the NADRA, and the Passport Office. He asked the officials of the NAB to provide data of 628 individuals/companies to the committee.

Noor Alam asked did the governor State Bank of Pakistan (SBP) had the authority to introduce such low-interest schemes by himself. He further alleged that the present governor was at that time deputy governor and he would protect the actions of his previous boss.

The chairman maintained that he hoped that Pakistan’s best investigation agencies would come up with some fruitful investigations. In light of the report, appropriate actions would be taken against 628 individuals/companies.

Senator Saleem Mandviwalla said that the loan was disbursed in US dollars, which was outflow to foreign countries because there was a relaxation in restrictions on sending money abroad during that period. He asked the chairman committee to investigate whether the decision of offering low-interest loans was right and had utilised positively.

At that point, Senator Saifullah Abro demanded to remove the governor SBP from his office so that action should be taken against the 628 individuals/companies.

Shahida Akhtar Ali questioned whether the disbursement of the loan was transparent.

Mushahid Hussain, however, suggested that apparently no irregularities were seen so far and the committee should not waste its time on the subject. Birjees Tahir said six months passed and the investigation had yet to be completed.

Hussain Tariq said that the loan was obtained in dollars but would return in rupees.

Briefing by the chairman NADRA in person on the leakage of data by employees of the NADRA was deferred as the chairman was abroad, the secretary interior informed the committee members.

Noor Alam Khan directed the PAC Secretariat to issue a displeasure letter to the chairman NADRA for not appearing before the committee for the briefing.

He further asked the management of the NADRA to provide detail of action taken against the responsible.

Copyright Business Recorder, 2023