The National Assembly’s Standing Committee on Finance Thursday asked the State Bank of Pakistan (SBP) to furnish details of people who availed subsidized loans under the Temporary Economic Refinance Facility (TERF).
Committee chairman Qaisar Ahmad Sheikh highlighted that 600 individuals were given loans of $3 billion at zero interest rate and asked the central bank to furnish details of the people who availed loans.
The State Bank of Pakistan (SBP) deputy governor told the committee that the loan was disbursed by the commercial banks and was offered during the Covid-19 pandemic. He further told the committee that the loans under TERF were given to businessmen at low-interest rates.
Lawmaker Dr. Nafisa Shah asked the deputy governor about the conditions on which these loans were offered but the deputy governor said that these are confidential details and commercial banks are not bound to provide this information.
Minister of State for Finance and Revenue Dr Aisha Ghaus Pasha suggested that an in-camera session can be held where these details can be presented.
Responding to criticism by lawmakers on the delay in the appointment of the president of the National Bank of Pakistan (NBP), the state minister said that the process of appointment is underway and applicants are being scrutinized.
Get the latest business news, market insights, and economic updates wherever you prefer.
Add ProPakistani to Preferred Sources and see more of our stories in Google Search and Top Stories.