ISLAMABAD: The Public Accounts Committee (PAC) expressed annoyance with the National Accountability Bureau (NAB), the Federal Investigation Agency (FIA), and the Auditor General of Pakistan over delaying investigations into the $3 billion Temporary Economic Refinance Facility (TERF) loan disbursement case to roughly 620 individuals during the Covid-19 pandemic.

Following this observation and with the intention to wrap up the inquiry on this issue, MNA Noor Alam Khan, Chairman of the PAC, directed NAB to lead the investigation and submit details of beneficiaries and banks, which disbursed $3bn in four days.

In the first week of July, the PAC ordered a joint investigation by the FIA, AGP, NAB, and Military Intelligence into the issue of funds disbursement. In July, the committee demanded the list of beneficiaries three more times.

During the meeting, MNA Noor Alam Khan wondered why billions of dollars were distributed among certain industrialists only, and not among agriculturalists, journalists, and government employees.

PAC seeks details of beneficiaries and banks within four days

Members of the PAC had been demanding the list of the 600 plus businesspersons whom commercial banks issued around $3bn worth of loans at zero markup rate for 10 years, during the pandemic under the Pakistan Tehreek-i-Insaf (PTI) government.

“I wish the list of the beneficiaries is provided and made public. It is imperative that people know the details if the funds were used to purchase aircraft, cars or if the money was invested in banks to earn interest,” said Noor Alam Khan.

MNA Dr Malik Mukhtar Ahmad demanded that it was necessary to determine the purpose for which the loans were given and if the purpose was actually fulfilled.

The PAC also expressed its frustration with NAB over failure to probe other matters forwarded by the committee for investigation such as the issue of data leakage from National Database and Registration Authority (Nadra), Bus Rapid Transit (BRT) project, Ten Billion Tree Tsunami (TBTT) and pension-related cases to mention some.

Worst, members were displeased with NAB chairman who was again absent, this time due to health issues, and the rest of the team that came ill prepared.

On the matter of BRT, NAB, however, informed the committee of the dispute between the contractor and Peshawar Development Authority (PDA) over the increase in costs of the project due to inflation. The developer was unwilling to complete the project at construction costs from five years ago in 2017. NAB claimed that it was pushing concerned parties to reconcile and complete the BRT project.

NAB claimed to file a reference in the BRT case in two to three weeks. “Recovery is our first priority,” said a senior official with NAB.

Noor Alam Khan directed NAB, “To simply go after the corrupt.”

Published in Dawn, August 3rd, 2023