The Public Accounts Committee has summoned the secretary of finance and the State Bank of Pakistan governor tomorrow (Wednesday) in relation to allegedly disbursing $3 billion in loans to 620 people and companies during the Covid-19 period.

PAC Chairman Noor Alam Khan claimed that around $3 billion in loans without interest were disbursed to favourite companies and industrialists during the coronavirus pandemic. He was presiding over the committee meeting at the Parliament House in Islamabad on Tuesday.

Earlier, the central bank in its clarification letter had said that the loans were given during that period to industries for support. The loans were given at a five per cent interest rate under the Temporary Economic Refinance Facility, it added.

But the PAC chairman said that the SBP had not informed them about the names of the beneficiaries and the present situation of the repayment of loans. The committee asked the relevant authorities to give the list of all the beneficiaries of the scheme.

The loans were given to boost the exports of the manufacturing industry, PTI Senator Mohsin Aziz said. The provision of the loans resulted in export receipts of $4 billion and created employment for 3.2 million people during the pandemic, he added.

The PAC chairman called for a joint investigation of the Federal Investigation Agency, National Accountability Bureau and military intelligence on the matter. He also directed the committee staff to write to the army chief for appointing a representative.

Khan also raised concerns over the unannounced load shedding in the country. He said that the officers’ salaries are hiked, however, the people were not provided with electricity.

PAC member Ramesh Kumar said that electricity theft was the major reason for load shedding. “I know of three areas where electricity theft is zero. Those areas get a continuous supply of electricity.”