Karachi, March 12, 2024 – Recent data released by the State Bank of Pakistan (SBP) on Tuesday reveals a staggering 104 percent surge in government bank borrowing, reaching Rs 4.13 trillion during the first eight months (July – February) of the fiscal year.
(more…)Tag: borrowing
-
Pakistan’s Private Sector Opts for Debt Retirement Over New Bank Loans
Karachi, September 20, 2023 – Pakistan’s private sector has exhibited a distinct preference for debt retirement over taking on new bank loans for business activities.
(more…) -
Government borrowing from commercial banks rises to Rs2,413 billion in 2019/2020
KARACHI: The federal government has borrowed Rs2,413 billion from commercial banks during fiscal year 2019/2020 as against retirement of Rs771.6 billion in the preceding fiscal year, according to statistics released by State Bank of Pakistan (SBP) on Monday.
(more…) -
Prime Minister constitutes commission to probe Rs24 trillion borrowing in ten years
ISLAMABAD: Prime Minister Imran Khan on Tuesday constituted a commission to probe the unprecedented borrowing of Rs 24 trillion during past ten years and to set an example for those who looted the country.
In a nationwide televised address, hours after the announcement of the national budget Prime Minister Imran Khan said, “Pakistan today was economically stable … I will now go after all of them [the leaders of PPP and PML-N] and take them to task for ruthlessly plundering the national wealth.”
“I will make them answerable. I will investigate, and I will not spare them even if it is a threat to my life,” Imran said, after the national budget in which the government withdrew subsidies on many sectors and taxed almost all the sectors.
The commission will comprise of officials from Federal Investigation Agency (FIA), Intelligence Bureau (IB), ISI, Federal Board of Revenue and Securities and Exchange Commission of Pakistan (SEC).
The prime minister said that his PTI led government had present maiden budget and it would reflect the manifesto of the party.
Talking about the latest arrests of political leaders, he said that no one ever think about these stalwarts behind the bars.
He said that today the judiciary and National Accountability Bureau (NAB) are independent. He said that cases against PML-N leaders were not instituted by his government. “Yet they blame me for their arrests,” he added.
-
Amnesty scheme will not for public office holder: Asad Umar
ISLAMABAD: Finance Minister Asad Umar on Wednesday said that if the government introduces any tax amnesty scheme then it will not applicable for public office holders.
(more…)