Total amount of debt borrowed by the Government from the international market

According to the information made available to the National Assembly by Minister for Finance, Revenue, Economic Affairs, Statistics and Privatization, (Mr. Muhammad Ishaq Dar), the Government borrows funds from the international market through domestic and foreign banks from time to time to build the foreign exchange reserves and strengthen the budgetary position of the country. Since June 1, 2013 the Government has obtained foreign currency loan for US$ 100 million from a consortium of banks comprising Standard Chartered Bank, United Bank Limited and Credit Suisse. The credit amount was disbursed in November, 2013 at interest rate of LIBOR + 4% for a period of one year.

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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