Loans over Rs18.5 bn written off in Musharraf regime

Loans over Rs18.5 bn written off in Musharraf regime

Updated at: 1749 PST, Wednesday, December 02, 2009 ISLAMABAD: More than Rs18.5 billion loans obtained from government banks, financial institutions and agricultural bank were written off during the first four years of the military rule of Gen. (Retd.) Pervez Musharraf. According to the National Assembly’s documented records obtained by Geo News, the National Assembly on a query of Aftab Jiliani in June 2003 presented 869-page details regarding the loans written off during the first four years of Musharraf regime. The document says loans worth Rs11.9337 billion obtained from government banks and financial institutions during 1999 to June 2003 were waived. The principle amount of the debt was Rs5.6385 billion while Rs6.2953 represented the mark up. The agricultural bank written off Rs5.4 billion loans extended as agricultural loan during 1999 to 2003 and Rs1.746 billion as agro-industrial loans.