External debt stands at $130b

Loans given to EAD autonomous authorities were dealt by ministry concerned

ISLAMABAD:

The Senate Standing Committee on Economic Affairs was informed on Friday that Pakistan’s total external debt liabilities amounted to more than $130 billion, while the budget management process involved the finance ministry, the central bank and Economic Affairs Division (EAD).

During a committee meeting with its Chairman Saifullah Abro in the chair, Economic Affairs Division Secretary Kazim Niaz told the committee that the loans given to the EAD autonomous authorities or bodies were dealt with by the ministry concerned.

In the briefing, the committee was informed the EAD did not deal with the IMF, rather the matter fell directly in the domain of the finance ministry. However, the EAD handled the matters pertaining to the World Bank and the Asian Development Bank (ADB).

The meeting was informed that all matters related to the China-Pakistan Economic Corridor (CPEC) were looked after by the planning ministry. Officials said that a government concessional loan (GCL) strategy had been adopted for the borrowing from Chinese banks.

The meeting was further informed that the US did not give any bilateral loan to Pakistan. The chair noted that details of to the IMF loans should come to the committee. On that the officials said that the details could be provided to the committee.

Regarding the ongoing projects of the EAD, it was stated that the total number of projects was 298, including 146 multilateral projects. The officials said that 152 projects were under bilateral agreements, and loan from the IMF.

The meeting was informed that there were 54 vacancies in the EAD. Committee member Kamran Murtaza said that the vacant posts in the EAD showed that the government was not serious in running its affairs.