Loans worth $37b to be retired within 5 years, Senate told

State minister for revenue says $9.2b will be discharged this year

ISLAMABAD: Minister of State for Revenue Hammad Azhar on Tuesday informed the Senate that loans worth $37 billion loan would be retired in the next four and half years.

Responding to various supplementary questions during question hour, the minister said, “Out of the said loan, $9.2 billion will be retired during this year.”

He said the incumbent government inherited the excessive loans and efforts were being made to put the country in the right direction, adding that owing to the steps taken by the government, the current account and trade deficits had witnessed persistent decline.

To another question, the minister said that Rs27,376 billion domestic and $3,395 million external loans have been paid since July 1, 2018 to February 28, 2019.

“Around $ 1.2 billion interest has also been paid on the loans during the said period,” he added.



Azhar said the government obtained Rs1,185 billion net domestic loans during September 2018 to January 2019 while $1,758 million, comprising $1,682 million as foreign loans and $77 million as foreign grants, were received during the said period.

He said domestic debt was primarily utilised for budgetary support that includes infrastructure and development needs as well as debt servicing of the country.

Meanwhile, foreign borrowing was required to service existing debt, finance essential imports, and stabilise external reserves to maintain external account sustainability in global context, he added.

Minister of State for Parliamentary Affairs Ali Muhammad Khan informed the Senate that Pakistan Council for Research in Water Resources (PCRWR) was conducting monitoring of mineral/bottled water samples on quarterly basis and that 78 samples of mineral bottled water brands were collected for the quarter, October-December, 2018.

Responding to a question during question hour, on behalf of minister for science and technology, the minister said samples were collected from Islamabad, Multan, Lahore, Bahawalpur, Quetta, Tando Jam and Karachi. Comparison of analytical findings with permissible limits of Pakistan Standard Quality Control Authority revealed that six brands were unsafe chemically or microbiologically.

These brands included Karakoram Flow, Crystal Maya, Alpha, Aqa Ayolam, Paradise and Hibba, he added.

“The findings of quarterly monitoring report of mineral/bottled water brands have been disseminated through print media and official website of PCRWR for the awareness of general public,” he said, adding that the quarterly monitoring report had been sent to the chief secretaries of all the provinces and the Pakistan Standard and Quality Control Authority director general with the request to take appropriate legal action against the substandard brands.

Senate Deputy Chairman Saleem H Mandviwala said that it was a serious issue and crackdown in all provinces should be launched against such companies.

He asked the minister to write letters to all chief secretaries for taking immediate steps.

Earlier, Senate Chairman Sadiq Sanjrani had to adjourn the session for 15 minutes due to the opposition members’ protest against the absence of ministers.

Senator Raza Rabbani said, “Parliament is not being given importance. The ministers should be in parliament.”

Leader of the House Shibli Faraz said, “Cabinet can never take parliament’s place.”