202017 Oct
Borrowings by PTI government for reforms agenda top $10b, Senate told
General News

During the Senate session, the finance ministry presented details of losses incurred by the national economy due to coronavirus pandemic as well as the loans acquired from international financial institutions for the government’s reform agenda. The ministry said that markup on the International Monetary Fund (IMF) loans is 4.05%, while its repayment will begin in 2024 and continue until 2032. These included Baloki Power Plant, Haveli Bahadur Shah Power Plant, SME Bank, First Women’s Bank, Service International Hotel, Roosevelt Hotel, State Life Insurance Corporation Pakistan Steel Mills, Heavy Electrical Complex, Jinnah Convention Centre and Oil and Gas companies. The finance ministry said that the gross domestic product (DGP) growth rate fell by 2% because of the coronavirus pandemic, which emerged in the country in February this year. Separately, the ministry in its written reply informed the house that there was no proposal for the announcement of the ninth NFC Award.

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