Government of Pakistan to cancel loans of flood victims

Government of Pakistan to cancel loans of flood victims

Government of Pakistan has decided to write off the loans of the people who have been affected by the recent floods in Sindh. This was revealed by Pakistan’s Federal Minister for Textile, Makhdom Shahabuddin during the last meeting of National Assembly.

The Textile minister said that the back to back floods have financially harmed the farmers by destroying their crops. He said that keeping in view the damage caused to the crops and cultivated land the government has decided to cancel the loans due from
them.

Responding to a query during the Question-Hour, on behalf of the Minister for Revenue and Planning and Development Dr Abdul Hafiz Sheikh, Shahabuddin said that the economy of Pakistan was showing an improvement, however, the successive floods in 2010 and
2011 once again pushed it down. He further added that due to lack of resources the government was forced to go for loans from international organizations.

Responding to a supplementary question regarding the increasing ratio of suicides in Pakistan, the federal minister said that  the people were committing suicide due to their personnel reasons and not due to financial problems.

To another supplementary question, the federal minister for textile said that the sitting government government has taken number of strict measures to reduce the ever growing government expenditures. He further added that the President House and Prime Minister
have also reduced their expenses.

The Pakistan International Airlines and Pakistan Railways are continuously operating on deficit. The minister said that both PIA and Pakistan railways would soon be improved.

In the meanwhile, the Minister for Revenue and Planning and Development Dr Abdul Hafiz Sheikh, in a written reply, informed the House that the total amount of domestic and foreign loans since 2008 to August 2011 was 4384.49 billion rupees out of which the
foreign loan was just Rs 1301.06 (14.9 billion US dollars ) while domestic loan was Rs 3083.43 billion. He further added that appropriate budget provisions were being made accordingly to overcome the BOP deficit.

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Posted by Asma Rafique on Nov 20 2011. Filed under Latest News, Pakistan. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry