Dates of IMF mission’s visit to Pakistan are still to be finalised as economic data for the last fiscal year (2010-11) has not been compiled, Secretary Finance Waqar Masood said on Tuesday. Addressing media after the Public Accounts Committee meeting, the secretary finance told the committee that 120 cases of the ministry are lying in the court of law which has not allowed recovery of billions of rupees.
The committee directed the ministry to present a monthly report on progress of these cases. Audit officials told the committee that the national exchequer has suffered a loss of Rs 81 million because of the unnecessary construction of flats by the State Bank. The said project was initiated in 1971 but differences between the contractor and State Bank management has caused a delay.
The project was completed in 1989 when the bank had scrapped the policy of giving flats to its employees. Officials said the flats were sold to Housing Foundation, resulting in a loss of Rs 81 million. Moreover, audit officials said the Zarai Taraqiati Bank had failed to recover loans of Rs 25.6 million. They further said that ZTBL suffered from a loss of Rs 27.2 million because of investment in three companies.
