The Senate was informed Tuesday that no specific borrowing from banks was made to settle the power sector circular debt. Answering a question, Minister of State for Education Balighur Rehman on the behalf of finance minister explained that for settlement of power sector circular debt, three kinds of transactions were carried out including issuance of five years Pakistan investment bonds, deduction at source against government receipts or recovery of loans and cash payment out of the federal consolidated fund. He said the whole process of payment of circular debt was transparent and no blue-eyed was obliged. The minister of state for education said all payments relating to government expenditures were made out of the federal consolidated fund which consisted of revenue receipts, loans and recovery of loans. Balighur Rehman told the House that no specific revenue receipt loan could be linked for any specific payment. To another question, he informed the House that under the Privatisation Commission Ordinance 2000, there was a provision of conflict of interest. He said during the process of privatisation it would be ensured to implement it in letter and spirit. He said the privatisation process would be carried out according to the rules and interests of the workers would be safeguarded. Answering a question, the minister of state said during the period from June 2008 till October 2013 the foreign debt including loan from the IMF had increased by 1.9 trillion rupees as a result of depreciation of the Pakistani rupee. He said the government was taking steps to arrest the depreciation of rupee and following a strict financial discipline. He said artificial buying of dollar was being discouraged and efforts were being made to increase the inflow of dollar in the country. Minister for States and Frontier Regions Abdul Qadir Baloch , on behalf of minister for industries and production, told the House that the government had introduced telegraphic transfer charges schemes to enhance foreign remittances through banking system. He said Pakistan remittance initiative was launched with the objective of facilitating, supporting, faster, cheaper, convenient and efficient flow of remittances. He said the network of banks dealing in home remittances had also been expanded from five to 22 commercial banks. To a question, the minister said it was being made sure that right quantity and quality of items be provided at the utility stores.
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