ISLAMABAD: The Senate Standing Committee on Finance on Friday decided to summon Secretary Finance Dr Waqar Masood in its next meeting for a comprehensive briefing over the alleged malpractices in the issuance of Eurobond.

The committee discussed the Eurobond issue in an in-camera session. All unconcerned persons including media were barred from the committee room.

Later talking to media, Chairman Senate Standing Committee on Finance Saleem Mandviwalla said he opposed the idea of holding in-camera briefings.

“If some mistake has been committed, than let us accept it and try not to repeat it,” he said. “We have decided to take some strict decisions over the issue as the government seems to be delaying it,” he added.

However, he declined to share further information over the subject saying there was pressure from the government for the sake of ‘national interest’.

Meanwhile, a committee member requesting anonymity said the central bank was opposed to the idea of inviting representatives of banks to the committee.

He said the committee wanted to inquire about the role of banks and clear some allegations related to recent floating of the $500 million Eurobond.

The senator said that it was alleged that some rich and politically connected Pak­istanis used banking channels to invest in the Eurobonds. Instead of investment coming to the country, money was forwarded from Pakistan, he added.

“If the Ministry of Finance and the State Bank don’t invite banks to the committee and share information with us, than the Standing Committee will use its constitutional powers to write letters directly to the three Banks,” the senator added.

The issue of unfulfilled commitments by multilateral and bilateral donors with the Khyber Pakh­tunkhwa government for rehabilitation after the Malakand military operation was also taken up.

“Against the total estimated amount of Rs58 billion pledged under the Damage and Need Assessment (DNA), the donors provided Rs26 billion while the federal government contributed just Rs2bn. The unfulfilled commitments stand at Rs26bn.

The Economic Affairs Division (EAD) should be asked to provide us the pledged amount,” Secretary Relief Operation KP Ahmed Hanif said.

Ministry of Finance Additional Secretary, Abdul Akbar Sahrifzada informed the committee that Rs113.9bn was provided to KP on account of terror related compensation under the NFC Award.

Published in Dawn, March 12th, 2016