ISLAMABAD - National Assembly (NA) Standing Committee on Finance and Revenue has summoned former Prime Minister Shaukat Aziz and former State Minister for Finance Omar Ayub Khan and former Finance Advisor to Prime Minister, Salman Shah and Minister of State for Economic Affairs Hina Rabbani Khar for explaining mismanagement during their tenure and the prevailing financial crisis. The decision was taken in a meeting held here on Thursday and had demanded that they be directed to appear before the Committee. Fouzia Wahab presided over the meeting and deliberated on the strategy to deal with the fiscal crisis facing the country. Prime Minister's Advisor on Finance Shaukat Tarin gave detailed briefing to the Committee on the matters related to financial crisis, besides answering to the questions from the members of the Committee. Shaukat Tarin said that wrong statistics provided with regard to fiscal deficit were the real cause of the current financial crisis. This deficit ranged between 9 to 10 per cent last year but it was told as 7.4 per cent. Inflation also gave rise to new crisis. Inflation stands at 30 per cent on food items, he told. The government printed new currency notes amounting to Rs 700 billion during the last one year, which played pivotal role in fuelling inflation. He said that no limit was set on capital flight from Pakistan to other countries, therefore, capital outflow to other countries was continuing. Enactment of new laws is needed in this respect, he stressed. Dollar outflow to other countries remained at $6 to 10 billion in the last year. Maximum foreign exchange was acquired from privatisation process during the previous regimes. Increase in inflation led to increase in cost of production, which resulted in shortfall in exports and rise in imports, he pointed out. Current account deficit stood at 8.4 per cent and foreign currency account dropped. "We formulated short-term plan", he said. If IMF provided us assistance at 3 to 4 per cent, it would help us seek aid from Friends of Pakistan. "We have to make payment of bonds in February and we should make arrangements in this respect from now as we have not to face default, he observed. It will take 24 months to come out of the crisis," he said. The budget presented for the fiscal year 2008-09 was against the fact, he told. If there was no money for PSDP then what was the need to present so large a PSDP? he questioned. OUR MONITORING DESK adds: Earlier, Shaukat Tarin said that the current fiscal budget crafted by the govt is not based on facts and the ongoing economic crisis cannot be overcome during next couple of years, reported a private TV channel on Thursday. He held former Prime Minister Shaukat Aziz, former Finance Minister Omar Ayub and Dr Salman Shah responsible for the economic crisis, demanding that they should be questioned on their mismanagement. Addressing a meeting of National Assembly Standing Committee for Finance, chaired by Fauzia Habib, he asserted that govt needed four to five billion dollars in November and 10 billion dollars in next two years. He said that International Monetary Fund (IMF) was pleading for raising interest rate but Pakistan was not yet ready to do so. Tarin said a 9-point agenda had been presented to counter financial crisis including economic reforms and cut in expenditures. He revealed that $10 billion had been illegally sent abroad during last six months. According to him, Pakistan's overall loan amount has touched the figure of $7 trillion including a foreign loan of $45 billion. He said several institutions were useless and there was no justification for their existence. APP adds: Tarin contradicted news report attributed to him regarding $10b capital flight and change in the statistic in budget. Talking to private TV channel, he said, "News published in a section of press mentioning his name with regard to $10b capital flight and change in the statistic in the budget has no reality." Tarin clarified, that he had responded to a question that according to market news capital flight is between $6 to 10. But, "I had told the questioner that these reports are just speculations and nobody has faith in such a report as nobody knows about the exact figure of capital flight." To a question, he said dialogue with IMF in Dubai is moving in right direction.