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Punjab under $4bn debt

Updated August 24, 2013

LAHORE, Aug 23: Punjab owes international monetary institutions $4 billion and national financial institutions Rs41 billion it had got in the past, Finance Minister Mujtaba Shujaur Rehman said in a written reply to the House during Question-Answer Hour on Friday.

He said the Punjab government had paid Rs5.3 billion and Rs9.15 billion as interest to international and local financial institutions in 2011-12.

Similarly, in 2012-13 fiscal year, the province paid Rs4 billion and Rs6.51 billion interest to international and local institutions.

He said the government was not considering wrapping up the interest-based financial system in the province.—Staff Reporter