ISLAMABAD, Dec 8: Over 57,000 shareholders of Pakistan International Airlines have suffered a loss of Rs377 million during the past six months after its share price declined by around 33 per cent.

Minister for Privatisation Dr Abdul Hafeez Shaikh informed the Senate on Wednesday that 57,536,500 shares had been offered to the public at Rs20 per share in May which had now plunged to Rs13.45.

He was replying to a question by Professor Ghafoor Ahmed. Dr Shaikh said average price of 15 trading sessions till May 20 this year was discounted by 15 per cent and rounded off to the next higher rupee to offer the shares to the public at Rs20 per share. However, the minister said, the share price tumbled to Rs13.45 at the opening of trading session on Dec 6.

FOREIGN LOANS: Pakistan paid $13.652 billion as interest on foreign loans during the past 10 years (1994-95 to 2003-04). "The stock of debt was being decreased, with $ 1.17 billion of expensive debt repaid during the previous fiscal," APP quoted Minister of State for Economic Affairs Hina Rabbani Khar as saying on Wednesday.

She was responding to a question by Dr Muhammad Ali Brohi during the question hour. Replying to supplementary questions put up by Azizullah Satakzai, Mohammad Akram Wali, Safdar Abbasi and Mrs Tanvir Khalid, Ms Hina said that the country's debt burden had declined during the past three to four years because of the government's effective debt management strategy.

The minister of state said that interest on foreign loans amounted to $1.52 billion in 1994-95 and had declined to $993 million in 2003-04. Giving an year-wise break-up, she said that Pakistan paid $1.655 billion in 1995-96, $1.764 billion in 1996-97, $1.8 billion in 1997-98, slightly over $1 billion in 1998-99, $1.427 billion in 1999-2000, $1.355 billion in 2000-01, $1.1 billion in 2001-02, $955 million in 2002-03 and $993 million in 2003-04.

Answering another question by Prof Ghafoor Ahmad, Ms Hina said that the country received a total financial support of $291.3 million during the period between 2000 and 2003 from the US and other countries in the fields of human rights, education, health and social sector. The utilization of the said amount was carried out by the respective ministries, divisions and or departments, she added.

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