*ISLAMABAD:* Rs 280 billion Euro Bonds issuance was irregular by formerfinance minister Ishaq Dar, New audit report has revealed.
Earlier in 2014 former finance minister Ishaq Dar had raised Rs280 billionthrough Euro Bonds, however in a recent audit report 2018-19 of the auditdepartment, the issuance of these bonds has been declared irregular,sources informed *Profit* on Sunday.
Official documents state that the Government of Pakistan had launched $1billion 10-year Euro Bond at a rate of 8.25 per cent interest per annum and$1 billion 5-year Euro Bond was launched at a rate of 7.25 per cent withthe approval of the then prime minister Nawaz Sharif in April 2014.
The audit observed that the bonds were issued without the approval of theCabinet in violation of Rule 16 (d) of Rules of Business.
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According to the Rules of Business 1973, Rule 16 (d) among the cases to bebrought before the Cabinet include proposals for levy, abolition,remission, alteration or regulation of any tax and floatation of loans,documents stated.
