Country receives $27.76 billion in loans, grants in three years

The government received $27.76 billion in loans and grants from 12 countries and 16 organisations, including $6.4 billion from the International Monetary Fund (IMF), during the last three years (01-12-2013 to 30-11-2016). Minister for Finance, Revenue and Economic Affairs Ishaq Dar informed this to National Assembly on Friday during the Question Hour.
According to details placed before the House, the government received a total of $4.342 billion from 12 different countries, including China, Germany, Oman, United Kingdom and USA. Out of the total sum, $1.449 billion were in form of grants while $2.893 billion were loans. Likewise, the government received a total of $17.019 billion from 15 different organisations, including Asian Development Bank, Opec Fund, Dubai Bank and Bond Holders, and out of the total sum, $16.83 billion were loans and $188.48 million were grants.
The government has also obtained $6.4 billion from the IMF under a programme that was spread over three years. Parliamentary Secretary for Finance Rana Muhammad Afzal Khan informed the House that there is no need to seek new loans from the IMF since the country has stable economic conditions.
He said when the present government took over, the debt was 63 per cent of the GDP - three percent more than the limit described in Fiscal Responsibility and Debt Limitation Act. The present government has brought it below the 63 per cent, he said adding the country's GDP has now been improved and its payback capacity has increased.
To another question, the parliamentary secretary said that out of $46 billion under China-Pakistan Economic Corridor project, $35 billion are private investments which are being extended by Chinese government to its companies for energy projects and Pakistan will buy electricity from these companies.
He said the remaining $11 billion are soft loans having interest rate of about 2 per cent and these loans will be spent on roads and railway projects. To a question regarding tax collection, he said the tax collection has increased by 62 per cent during the last three years and transparency is being brought into property transactions by adopting latest technologies and principles to further increase the tax ratio.
The parliamentary secretary also informed the House that all arrangements have been made to conduct new population and housing census from 15th of next month and the process will begin at the same time across the country. The provincial governments have appointed their representatives as focal persons for census activities and Rs 14.5 billion have been allocated for the exercise.
To a supplementary question that some departments covering the National Assembly's budget sessions have not received honorarium announced by the finance minister, the speaker NA directed the parliamentary secretary to ensure payment of the honorarium to the relevant departments.
Parliamentary Secretary for Interior Muhammad Afzal Khan Dhandla informed the House that Federal Investigation Agency has launched a countrywide crackdown on human smugglers and traffickers and 3,009 accused have been arrested so far. He said that a total of 8,645 human traffickers and smugglers have been convicted by the courts during the last two years, including 3,953 in 2015 and 4,692 in 2016.
The parliamentary secretary also informed the House about different punitive measures taken against the human traffickers and human smugglers including temporary blockage of their identity cards, cancellation of passports, placement of their names and particulars on Exit Control List and temporary blockage of their bank accounts.