Names of banks and financial institutions from whom the Government has taken loans

According to the information made available to the National Assembly by the Minister for Finance, Revenue, Economic Affairs, Statistics and Privatization, (Mr. Muhammad Ishaq Dar), the loan agreements have been signed with ADB, China Exim Bank, Islamic Development Bank, World Bank and Consortium of Credit Suisse/Standard Chartered Bank/UBL during the period from May to December, 2013.

Out of total committed amount of US$ 2148.97 million under these agreements, US$ 232.85 million were disbursed up to November, 2013.
The domestic borrowing of the country is raised from the banking sector as well as the non-banking sector through government securities. The banking sector invests in Pakistan Investment Bands (PIBs), Market Treasury Bills (MTBs) which are the source of long term and short term domestic borrowings. These are tradable instruments with active secondary market therefore, the ownership continues to change on daily basis, and therefore the names and the details of banks are not available. The government obtained Rs. 897.2 millions from local banking sources during May 2013 to October 13. Break up for this is as under:

Total from banking sector 897.2
From SBP 890.2
From Scheduled Banks 7.0

Government has repaid an amount of Rs. 133.4 billion to the commercial banks which was in the form of short term Treasury Bills during this period.

Note: The above information is based on the question & sessions of the National Assembly of Pakistan. Please visit the official website of the National Assembly for details.

About National Assembly: The National Assembly of Pakistan is the country's sovereign legislative body. It embodies the will of the people to let themselves be governed under the democratic, multi-party Federal Parliamentary System. The National Assembly makes laws for the Federation in respect of the powers enumerated in the Federal Legislative list. Through its debates, adjournment motion, question hour and Standing Committees, the National Assembly keeps as check over the Executive and ensures that the government functions within the parameters set out in the Constitution and does not violate the fundamental rights of citizens. Only the National Assembly, through its Public Accounts Committee, scrutinizes public spending and exercises control of expenditure incurred by the government.

Tags: Pakistan, Economics, Business

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