Prime Minister Shaukat Aziz on Sunday said the World Bank loan of 6.5 billion dollars was within the limits of fiscal responsibility law and would be used for improvement of infrastructure, health, education, construction of water reservoirs, and other national development projects.
Talking to newsmen here at Prime Minister House, he said half of the loan was without interest and the rest with normal interest rates and would be used in four years.
Shaukat Aziz pointed out that Senate and the National Assembly last year passed the Fiscal Responsibility Law, fixing a limit on the government for obtaining foreign loans.
The prime minister said it was the efforts of the present government, so that there should be a limit on the foreign loans and no government could get more than the limit.
He said the Fiscal Responsibility Law was presented and passed by this government so that the present and coming generations could not be made hostage to get loans.
Shaukat Aziz said the World Bank loan had been obtained at per the law and like other countries, would be used for the development of the country and welfare of the people.
He said the government would not go with a begging bowl and not compromise its sovereignty, honour and national prestige. He said, "we will not bring hack, (Kashkool) 'begging howl' and will never put the country and nation hostage for getting loans as it has been done in the past."
He pointed out that the previous governments had obtained unlimited loans without controls, which destroyed Pakistan's economy.
Referring to the offer by International Monetary Fund (IMF), the prime minister said Pakistan refused to accept an IMF loan with conditionalities, which was offered after the 8th October earthquake.
He said Pakistan would not accept any loan, which would hurt its respect, honour, dignity and integrity.
The prime minister said all the loans would be utilised in a better way to improve the living standard of the people and for the progress and prosperity of the country.
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