National Assembly’s standing committee on finance was told on Thursday that $3 billion were given out as interest free loans in the last government’s tenure.

The revelations were made in a meeting of the committee which the deputy governor also attended.

The committee chairman said that the loans had been issued by the State Bank and claimed that the bank had a list of the people the money had been given to.

However, the deputy governor said that the loans had been issued by commercial banks. He added that the Temporary Economic Refinance Facility (TERF) had been given during the Covid-19 pandemic.

He also added that the loans had been given to the business community because investment had dipped during the pandemic.

Dr Nafisa Shah asked the governor to detail the terms the loans had been provided on but he declined, saying that the information was confidential and banks are bound to keep it secret.

State Minsiter for Finance Aisha Ghaus Pasha said that the details could be revealed in an in-camera session. Committee Chairman Qaiser Sheikh therefore directed the deputy governor to give a detailed breifing on the matter.