ISLAMABAD: The Senate Standing Committee on Economic Affairs on Thursday deliberated on the external debt projects received by the Federal Government or Provincial Governments under multilateral, bilateral, and UN agencies.
The meeting of the Senate Body was chaired by Senator Saifullah Abro at the Parliament House.
Secretary for the Ministry of Economic Affairs, Dr. Kazim Niaz, briefed the committee on the 298 projects, comprising 146 multilateral and 152 bilateral projects. Among the multilateral projects, there are 63 World Bank projects, 54 Asian Development Bank projects, 6 IFAD projects, 14 Islamic Development Bank projects, and 21 European Union projects. The bilateral projects include 16 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.
Chairman Committee Senator Abro emphasized the importance of EAD overseeing the disbursement of loans, given the country’s fiscal constraints and concerns over the proper and transparent utilization of these loans. The Committee unanimously decided and recommended that EAD provide complete details of projects completed or closed from 2002 to date.
The Committee also pointed out that the progress of the projects was not mentioned. It recommended that EAD provide updated progress reports for each project before the next Committee meeting. Additionally, the Committee decided to examine the projects sector-wise to determine their completion status and investigate any delays.
While discussing the details of IMF funds received by Pakistan from the first program until June 2024, the Committee expressed dissatisfaction with the information provided. It recommended that EAD provide program-wise details of IMF funds, including the amounts received and the ratio of interest paid by Pakistan over the years.
The meeting was attended by Senator Taj Haider, Senator Kamil Ali Agha, Senator Rana Mahmood ul Hassan, Secretary for the Ministry of Economic Affairs Dr. Kazim Niaz, and other senior officials of relevant departments.
