ISLAMABAD - The Senate Standing Committee on Finance and Revenue on Wednesday sought details of foreign as well as domestic loans taken by the incumbent govt during last three years.

The Committee, which met under the chair of Senator Saleem Mandviwalla, has discussed the criteria/conditions of the loans taken by the govt from foreign banks in last three years.

Secretary Finance Dr Waqar Masood informed the Senate's panel that the govt has taken foreign loans at lower interest rate against the domestic level. He further informed that govt takes short-term loans to improve the balance of payment situation, which are alternate to the domestic borrowing.  Interest rate at foreign loan is only 3.3 per cent, which is far less than the domestic rate of interest of 10 per cent, he said.

Sharing details, he said that govt has taken $1.9 billion short-term loan from the foreign banks during previous three years.

Pakistan has borrowed $522 million in 2013-14 at 6 per cent interest rate, $150 million in 2014-15 at 4.7 per cent and $1.4 billion at 5.2 per cent interest rate during outgoing financial year, he sdded.

On a question of a Senator, he said that the govt had sold the Eurobonds at 7 per cent rate of interest in 2014.