The prime minister recently announced to form a high-level commission to investigate how the loans of the country increased from 6 trillion to 30 trillion in the last ten years, during the governments of Pakistan Peoples Party and Pakistan Muslim League (N). The inquiry commission will have representatives from the IB, FIA, FBR, SECP, and ISI. I am wondering why the Prime Minister needs to form such a high-level commission for such a simple exercise. In order to find out how the loans increased, a simple statement called “Sources & Application of Funds” should be prepared if it is not already available with the Ministry of Finance showing how the funds were generated ( Revenue/ Loans/ Grants/ etc.) and where they were used (Assets / Expenses) each year. The preparation of the statement of “ Sources & Application of funds “is a part of the standard operating procedure of any entity, whether its a company or a country.

I would suggest the prime minister to ask Mr. Shabbar Zaudi, a senior Chartered Accountant and sitting Chairman of Federal Board of Revenue, to help get this job done within few days by getting data from the ministry of finance regarding Sources & Application of Funds for the last ten years (2008-2018). The compiled statement of “Sources & Application” should then be audited by an international audit firm operating in Pakistan and its findings should be made public. It is purely a financial matter and should, therefore, be left to the financial experts. This way the government will get quicker results and save a lot of time, energy and money.