ISLAMABAD, April 28: An amount of $503.106 million was remitted out of Pakistan during the last three years by 69 multi-national companies as their profit/dividend, the National Assembly was informed in a written reply here on Monday.

Finance minister Shaukat Aziz in response to a question of Nawab Muhammad Yousaf Talpur said that the major share in 2002 was remitted by independent power producers (IPPs).

To another question by Asadullah Bhutto, the minister said that Canada (CIDA) and UK have re-scheduled a debt of $298 million.

The rescheduled Canadian debt ($285.2 million) was repayable over a period of 38 years including 15 years of grace period. It also carries no interest.

While out of UK rescheduled debt of $12.9 million, an amount of $9.3 million was repayable over a period of 23 years including 5 years of grace period. The remaining amount of $3.6 million being deferred payment in respect of post cut-off date loan (signed after September 30, 1997) was repayable in 5 years including 3 years grace period at an interest rate of six month’s Pound Sterling LIBOR (London Inter Bank Borrowing Rate)+0.5 per cent annum.

Since the major portion of rescheduled debt relating to Canada (CIDA) was interest free, he said, and as UK has also provided waiver in their debt to the extend of $29.5 million in addition to the rescheduling, therefore, Pakistan would not be required to pay any extra amount rather it has gained due to debt restructuring both in nominal value as well as net present value (NPV) terms.

To another question, Commerce minister Humayun Akhtar Khan assured the House that external trade had not been affected adversely due to Iraq War.

He said that Pakistan’s global export during in March 2003 were $939 million against $725.8 million in March 2002.