Revolving credit has reached above 2 billion by December 2020, Ministry of Finance

According to a report by Baaghi TV, the National Assembly’s Standing Committee on Finance briefed on revolving loans during meeting.

According to the Ministry of Finance, the revolving credit has reached Rs.2,306 billion by December 2020. The stock of revolving loans is Rs.1,006 billion and the flow of loans is Rs.1,300 billion. The loan is a loan taken from stock banks and pays line losses, IPPs in flow. An Islamic financing of Rs.400 billion was provided to reduce the debt stock.

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According to the Finance Ministry, the government converted PHPL’s Rs.806 billion loan into a government loan, which the government will repay in the next five years. In the current financial year, Rs.72 billion will be disbursed to the banks. So far, Rs.28 billion has been disbursed to the banks. The government will pay Rs.500 billion to IPPs by November 2021. This amount will be paid in two installments. The first installment of 40% will be paid next month. 60% of the amount will be paid in August 2021.

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According to the Finance Ministry, the government has given Rs.140 billion in subsidies to the needy this financial year. Of which Rs.52 billion has been released so far. The committee adjourned the issue of revolving loan till the next meeting. The committee sought revolving loan management plan from the Ministry of Finance.

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