Banks write off loans worth over Rs50b in 2 years

Banks write off loans worth over Rs50b in 2 years
Updated at: 1603 PST, Thursday, September 23, 2010
Banks write off loans worth over Rs50b in 2 years ISLAMABAD: The National Assembly has been told that national banks have written off loans worth at least Rs50 billion in a span of last two years, Geo News reported Thursday.

It should be mentioned here that Pakistan is buckling under a debt juggernaut comprising over $31.16 billion borrowed from International Monetary Fund (IMF), World Bank and Asian Development Bank (ADB).

The federal Finance Ministry told the Assembly in a written reply, the loans waived off during the last two years are worth Rs50.854 billion owed by 212,000 individuals and companies.

State Minister for Finance and Economic Affairs Hina Rabbani Khar told the National Assembly that 212,114 defaulters including some companies have got Rs50.85billion loans waived off in two years.

In a written reply to the NA,Hina stated that World Bank, Asian Development Bank and IMF have given loans amounting to $31,162milion to Pakistan till June 30, 2010.

She said the interest rate on the said loans is around $3,637 million.