Balochistan overdraft reduced to Rs17 billion

QUETTA - Balochistan Secretary for Finance Mafooz Ali Khan has said that overdraft of Balochistan had reduced to Rs17 billion which would bring positive financial changes in the province.
While talking to the newsmen, he said that Balochistan was having Rs. 23 billion overdraft of State Bank of Pakistan (SBP), which had been reduced to Rs17 billion after special contribution of federal government to steer the province out financial crisis.
He said that the federal government had provided Rs4.60 billion in the head of Public Sector Development Programme.
He said that through efforts of federal government, Balochistan received Rs 3 billion and later government provided another amount of Rs 1.60 billon for PSDP.
Thus Balochistan govt had received Rs4.60 million from federal government for PSDP, he added.
Mahfooz Ali said that the provincial government had convinced federal government that backwardness of Balochistan could not be eliminated until and unless Balochistan was given funds in accordance with its large area.
He said that Balochistan was getting less royalty from Uch gas field for the last some period, while under this head federal government had given Rs 3 billion to provincial government, due to which province had become able to reduce overdraft in some extent. He said that after special endeavours of federal government, SBP had agreed to convert overdraft into soft loans and all arrangements in this connection have been completed.
“After conversion of overdraft of Rs17 billon into soft loans, Balochistan will be able to save Rs 700 million annually and 4 per cent penalty on overdraft will also be abolished”, he added.