Senate Committee analyzes 298 debt projects, demands detailed IMF fund report & completion status

ISLAMABAD, August 01 (SABAH): Senator Saifullah Abro chaired the meeting of the Senate Standing Committee on Economic Affairs held on Thursday at Parliament House.

The Senate Committee deliberated on the external debt project-wise, received by the Federal Government or Provincial Governments under multilateral, bilateral, and UN agencies. The Secretary for the Ministry of Economic Affairs, Dr. Kazim Niaz, briefed that there are a total of 298 projects, with 146 being multilateral and 152 bilateral. He added that the number of multilateral projects is larger than the number of bilateral projects. Of the multilateral projects, 63 are World Bank projects, 54 are Asian Development Bank projects, 6 are IFAD projects, 14 are Islamic Development Bank projects, and 21 are European Union projects. Among the bilateral projects, 16 are funded by China, 13 by Saudi Arabia, 60 by Italy, Germany, France, and the UK, and 15 by Korea. These projects are divided into two categories: Loan and Grant Projects.

While further deliberating on the agenda item, the Chairman Committee emphasized that disbursement of the loan is to be looked after by EAD as the country is already facing this huge fiscal constraints and loans are not utilized properly and in transparent way by the departments. The Committee unanimously decided and recommended EAD to provide complete details of the projects which are already completed or closed from 2002 till date. The Committee further pointed out that progress of the projects is also not mentioned against each project. The Committee recommended EAD to provide the updated progress of each project before the next Committee meeting. The Committee also decided to examine the projects sector-wise to determine whether they have been completed and to investigate the causes of any delays.

While discussing the details of IMF funds received by Pakistan from the first program until June 2024, the Committee expressed disapproval with the details provided. The Committee recommended EAD that programme – wise details of IMF funds including the amount received and ratio of interest paid by Pakistan over the years should be provided to the Committee.

The meeting was attended by Senator Taj Haider, Senator Kamil Ali Agha, Senator Rana Mahmood ul Hassan, Secretary for Ministry of Economic Affairs Dr. Kazim Niaz and other senior officials of relevant departments were also in attendance.