PPP Senator Blows The Whistle on SBP Governor

Addressing a press conference at Sindh House in Islamabad, PPP Senator Saleem Mandviwalla pointed fingers at the governor of the State Bank of Pakistan (SBP) for allegedly causing a loss of trillion rupees to the national exchequer.

Providing its details, the former finance minister said the governor stole Rs 700 billion from the national exchequer with upward revision in fixed Pakistan Investment Bonds rate and Rs 300 billion were looted by re-profiling of government loans with an interest rate at 13.25%.

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Earlier in April, a petition was filed in the Supreme Court (SC) for seeking enforcement of a law that binds the government to limit debt as low as 60% of the economy.

The PPP senator assured that the Senate finance committee will investigate the loss and hinted at supporting former commerce minister Dr Muhammad Zubair who filed a petition against the SBP governor in the apex court.

He further mentioned that tax collection doubled during the PPP tenure but it is now in a decline, adding that his party had doubled salaries and pensions in five years.

He said the Benazir Bhutto Income Support Program (BISP) cannot be renamed because the project was launched through an act of the parliament.

Further, he said that taxpayers’ data should be collected from all over the country through National Database & Registration Authority (NADRA).

PPP leader highlighted that the country faced a loss of Rs 900 billion as agriculture was destroyed and a food exporting country was turned into a food importing country.