NAB to probe into loans taken by Punjab former govt

Published: July 7, 2019
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PHOTO: FILE

PHOTO: FILE

LAHORE: The National Accountability Bureau (NAB) has started investigations into the loans taken during the tenure of the Pakistan Muslim League-Nawaz’s (PML-N) last Punjab government and sought details in this regard from Punjab’s Finance Department and Planning and Development Board.

According to sources, the last PML-N-led Punjab government took a total of Rs831 billion from various foreign banks. The World Bank provided Punjab a loan of Rs397 billion and gave $250 million alone for agriculture.

The government took a loan of $350 million for education; $150 million for Punjab Cities Programme; $145 million for construction of barrages and $70 million for Punjab Land Records Authority.

Sources said the Asian Investment Bank provided a loan of Rs263 billion for various projects related to water, energy and public private partnership programmes and a canal system.

The International Funds for Agricultural Development provided Rs5 billion. The government also took loan to end poverty in south Punjab. The former government took a loan of Rs165 billion from China’s Exim bank for Orange Line Train.

Sources disclosed that a total of Rs831 billion was taken from different banks.  NAB has sought documents regarding the specified foreign loans and their utilisation. This move has created unrest among the civil bureaucrats close to the former government.

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