January 18, 2007	Thursday	Zilhaj 27, 1427

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QUETTA, Jan 17: The Balochistan government has decided to immediately affload of Rs9 billion cash development loan of the federal government by arranging funds from the Asian Development Bank under the Balochistan Devolved Social Services Programme.The province was paying Rs1.5 billion interest on the cash development loan annually that was provided to the province at 22 per cent interest; a high-level meeting was informed here on Wednesday.

Chief Minister Jam Mir Mohammad Yousuf presided over the meeting.

Provincial chief secretary K. B. Rind, additional chief secretary (planning and development) Captain (retd) Qayyum Nazar Changezi, secretary finance and other officials concerned attended the meeting.

Finance secretary Mr Mahfooz Ali Khan told the meeting that the finance department had planned to repay Rs9 billion CDL to Islamabad after receiving funds under the Balochistan Devolved Social Services Programme and second instalment of Balochistan Resources Management Programme from the Asian Development Bank.

The meeting was told that negotiations were under-way with the federal government about outstanding dues of Balochistan pending against the federal government in account of gas development surcharge and other financial matters.

“We stand on GDS and other financial matters would be accepted,” the secretary finance hoped and added that with full payment of cash development loan and resolving the issue of BDS Balochistan would get relief and province would be pushed on the path of self-reliance.

He said that Balochistan would receive Rs6 billion funds under the BDSSP and another amount of Rs3 billion from the Asian Development Bank under BRMP.

“After paying CDL Balochistan would save Rs1.5 billion annually that it was paying as interest on CDL,” said Mahfooz Ali Khan.

At present the Balochistan government was paying 22 per cent interest annually on CDL while it has obtained soft loan on 3.7 per cent from the Asian Development Bank to get rid of hard loans pending against it.

Briefing the meeting about financial position of the province, the secretary finance said that Balochistan had obtained over draft of Rs16 billion from the State Bank of Pakistan upto June 30, 2006 and during the last seven months of the current financial year no further overdraft was taken.