Uzma Bukhari refutes reports of Punjab borrowing from State Bank, calls them baseless
Punjab is a surplus province and does not need to borrow from anyone
LAHORE: Punjab Information Minister Uzma Bukhari has strongly rejected reports claiming that Punjab borrowed Rs405 billion from the State Bank of Pakistan, terming them “false and misleading.”
She clarified that Punjab has not borrowed “even a single rupee” from the State Bank. The amount mentioned in the report, she explained, actually refers to the Punjab government’s investment in federal government treasury bills (T-bills) aimed at earning profit, not obtaining loans.
“Punjab is a surplus province and does not need to borrow from anyone. The Punjab government currently holds over Rs1 trillion in its account,” she said.
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Bukhari further stated that the institutions mentioned in the report likely belong to the federal government and not Punjab, emphasizing that no department under Punjab’s jurisdiction has taken any loan.
“Surprisingly, the writer of the report is unaware of a basic fact: since 2019, under the amended State Bank of Pakistan Act, neither the federal nor any provincial government can borrow directly from the State Bank,” she added.
She criticized the journalist behind the report, urging them to apologize for spreading incorrect information. “Irresponsible reporting should be avoided; otherwise, we reserve the right to take legal action,” she warned.
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