Qaiser Ahmad Sheikh, the Chairman of the Standing Committee on Finance of the National Assembly, Thursday presided over a crucial meeting to discuss matters related to the TERF scheme.

During the meeting, Finance Minister Ishaq Dar's participation garnered attention as discussions revolved around the allocation of three billion dollars under the TERF scheme during the PTI era.

The TERF scheme, aimed at stimulating economic growth, offered financial support to 625 individuals at an incredibly affordable rate. Qaiser Sheikh, while addressing the gathering, expressed that Governor State Bank had previously promised to submit a list of the 625 beneficiaries. However, to date, the State Bank has not fulfilled this commitment, raising questions about transparency and accountability.

Governor State Bank, while defending their actions, stated that the loans issued under the TERF scheme were primarily intended for the acquisition of new machinery, contributing to a total of Rs 1145 billion worth of projects. Out of this amount, Rs 787 billion has already been released, fostering various developmental projects across the nation. The scheme itself was initiated by the State Bank, highlighting their role in economic policy decisions.

During the meeting, Qaiser Sheikh raised concerns about the scheme's approval by Parliament, emphasizing the need for legislative oversight and scrutiny in such financial initiatives.

Ishaq Dar, the Finance Minister, divulged information about the government's engagement with the International Monetary Fund (IMF). He claimed that the previous administration failed to fulfill the promises made to the IMF, leading to severe consequences. Over the past ten months, the inflow of dollars into Pakistan came to a halt, posing significant challenges to the nation's financial stability.

Ishaq Dar also shed light on the IMF's conditions, which included imposing taxes amounting to Rs 600 billion. Additionally, the IMF strictly prohibited granting any tax exemptions, adding complexity to the country's financial landscape.

Regarding one of the IMF's conditions, Ishaq Dar revealed that the IMF had asked for the withdrawal of the scheme that required individuals to bring $100,000 to Pakistan. Consequently, Dar had to make crucial changes in the budget to comply with the IMF's demands.

In an effort to meet the IMF's stipulations, Ishaq Dar agreed to impose taxes of Rs 215 billion, leading the government to make tough decisions to cut expenditures amounting to Rs 85 billion.