Finance Ministry should be renamed Ministry of Loans, Dar tells Senate

ISLAMABAD: The Federal Finance Minister Senator Ishaq Dar on Friday complained before the Senate of Pakistan that friendly countries have only been making promises but haven’t delivered on any of their commitments.

He told the Senate that four friendly countries have committed support to the tune of six billion US dollars Pakistan has only received $ 356 million.

He added that a road map for paying the national debt is present and that introducing a national finance commission award is not in violation of the constitution.

Senator Sherry Rehman remarked that in two and a half years Pakistan foreign debts had risen to 19 billion dollars, she demanded to know why Pakistan’s foreign reserves were being increased by borrowing and pushing the country under the burden of more debts. She demanded the minister explain why Euro bonds were being issued.

Senator Saleem Madviwala complained that Ishaq Dar takes offence when he shares his viewpoints, he stressed that it is a matter of concern that nothing is being done to make sure repayments of the country’s loans are made.

Ishaq Dar responded that funds are being spent on the ongoing Operation Zarb-e-Azb as well, while secret funds are being spent on two agencies and have been discontinued for 32 agencies. He added that if the Finance Ministry is to repay the loans of all previous governments as well then the ministry’s name should be changed to the Ministry of Loans instead.