Tag Archives: loan

China converts Rs 23b Gwadar Airport loan into grant

BY

Gearing up its entry into the coastal city of Gwadar, China has informed Pakistan about converting Rs 23 billion loan for the Gwadar International Airport into a grant and making loan of Rs 13.5 billion for the Gwadar East Bay Expressway free from any interest.

A top official source said the concessions were granted by China as she wanted to initiate work on both the major infrastructure projects by November this year to complete them by December 2017. These two major mega development projects are attributed as the catalyst for enhancing investment and development in Gwadar.

The new Gwadar airport will be a most modern airport of international standard to cater to the requirements of a bustling industrial commercial city. It will become a major hub for international flights operating in the region.

While the East Bay Expressway will facilitate the quick offloading of the ships and supplying goods for upcountry movement, an estimated 150,000 new jobs are estimated to be created in near future in the logistics sector alone due to the corridor project.

The federal government was already doing tendering process for these two projects but the pace was slow due to the required legal formalities. Since now China has taken up the responsibility for financing, things are expected to move at a much faster pace, the source said.

Chinese expect that after the completion of these two projects, investors will make a bee line for investment in Gwadar. The provincial government of Baluchistan is also working on the special economic zones and industrial parks in Gwadar. The city is expected to face a huge rush of people within the next three years due to the number of employment and business opportunities.

Read more » Pakistan Today
See more » http://www.pakistantoday.com.pk/2015/08/27/business/china-converts-rs-23b-gwadar-airport-loan-into-grant/

VEERU KOHLI: FROM BONDED LABOURER TO ELECTION HOPEFUL

By Hasan Mansoor

Veeru managed to engineer a dramatic escape from her landlord, and is now, astonishingly, running for provincial assembly seat PS-50 in Hyderabad, Sindh.

HYDERABAD: Veeru Kohli was born to a landless Hari. From birth to now, her journey has been a tumultuous one – Veeru was married off to a family bonded to their landlord, managed to engineer a dramatic escape along with her relatives, and is now, astonishingly, running for provincial assembly seat PS-50 in Hyderabad, Sindh.

On the top of her election agenda is to end bonded slavery everywhere – a cause close to her heart considering her past. Veeru lived in a small hut in the Hoosri neighbourhood of Hyderabad, along with her family of agricultural workers. Wearing a traditional ghaghra and an armful of bangles like every other Kohli woman, the 47-year-old has come a long way, she explains.

The activist, who now works tirelessly to get prisoners freed from private jails, was born to a landless Hari, a member of the scheduled Hindu caste, in Allahdino Shah village in the tiny town of Jhudo. At the age of 16, she was married into a family bound to a landlord because of a loan that was never settled.

Veeru was unable to understand why their loan continued to increase despite the fact that the family’s earnings were constantly adjusted with the landlord. Yet, she says, her ‘benefactor’ was far better than some others.

After 17 years, the family took a loan from relatives better off than themselves, and they moved on. They got a job with another landowner in Umerkot. The family had migrated with big dreams, but the man turned out to be a tyrant, and their dream turned into a nightmare.

Courtesy: DAWN
http://dawn.com/2013/04/10/veeru-kohli-from-bonded-labourer-to-election-hopeful/

Mansoor Ijaz ordered to pay $1.4m to bank in fraud case

NEW YORK: The credibility of Mansoor Ijaz, the principal instigator of the memo scandal, came in for another hit with the surfacing of court documents that show a European Bank accusing him of running a one-man business operation and obtaining loans that he was later unable to pay back on time.

Documents show that the Supreme Court of the State of New York Judge Charles E Ramos issued a judgement against Mansoor Ijaz on September 25, 2010, after Banca Sammarinese di Investimento (BSI) of San Marino filed a suit for the recovery of a loan obtained by Ijaz.

The suggestions of financial impropriety follow the emergence last month of a video in which Mansoor Ijaz acted as a commentator on nude women’s wrestling. These scandals are in addition to his contradictory claims about the memo and his inability to produce any email or BBM message that directly links any Pakistani official to the memo he admits to have drafted and sent to US officials on May 9, 2011. ….

Read more » Daily Times

The self-centred beggar

by Dr Manzur Ejaz

It is only in the Pakistani media that violation of sovereignty is the focus of discussion rather than Osama’s comfortable living arrangement near an elite military academy. The rest of the world is focusing on Osama rather than the legality of the American operation in Abbottabad.

Probably it is a matter of taste that Prime Minister Yousaf Raza Gilani wanted to hear the same translated lecture from Chinese leaders that Senator John Kerry had given in Islamabad. Maybe it was easier in Beijing because Chinese lectures were (hopefully) directly translated into Urdu or Seraiki. President Asif Ali Zardari may have been given a similar dose in Moscow though the details of his achievements have yet to come out. Both had rushed to the Chinese and Russian capitals to prove their utility to the military brass after the embarrassing US operation in Abbottabad.

It is clear from the published reports that China has flatly told PM Gilani that it does not give budgetary support or cash transfers to countries. They promised some loans on favourable conditions, but this was then sent for approval to the Politburo of the Communist Party. This is an atypical Chinese diplomatic way of saying ‘no’ because such a loan could have been cleared quickly if need be. This simply shows that salvaging Pakistan’s economy is not a Chinese priority or that they take it as a waste of money.

The plan to rush to Beijing was as sane as not knowing that Osama bin Laden was living in Abbottabad near a military academy for the last five years. Probably, there is no method in Pakistan’s madness of decision-making processes. Idealising Pakistan’s strategic worth in global politics, Pakistan’s ruling elite is bereft of common sense. They thought once they announce to the Chinese and Russians that they are getting a legal divorce from the US, Beijing and Moscow would jump all around and shower Yuan and Roubles upon them. No one paused for a moment to think that both China and Russia, victims of jihadi terrorism, agree with the US on the point that terrorist networks must be rooted out of Pakistan. But we have become like street-beggars who develop a habit of asking every passerby for money.

Before PM Gilani had reached Beijing, a senior leader of the Chinese military had declared that his country will not confront the US over Pakistan. And why would China confront the US over Pakistan while its economic interests are heavily vested in the US? Moreover, has China ever confronted the US on any policy other than American policy regarding Taiwan? China has proved to be the wisest nation when it comes to its economic interests. They have economic interests in Pakistan as well but cannot lose the US market, which is their bread and butter. In addition, why would China confront the US for something which, ultimately, safeguards al Qaeda, the Taliban and other jihadi terrorist groups? It is only in the Pakistani media that violation of sovereignty is the focus of discussion rather than Osama’s comfortable living arrangement near an elite military academy. The rest of the world is focusing on Osama rather than the legality of the American operation in Abbottabad.

The Chinese know what the world is saying and are afraid to run into an embarrassing position if the US decides to bring its case against Pakistan harbouring terrorists to the UN. This is the reason that they told Mr Gilani:

One: Pakistan should normalise its relations with India, the US and the rest of the world. The Chinese were telling Pakistan that it is awfully lonely and cannot be supported just by Beijing if the rest of the world stands against it.

Two: the Chinese subtly chided Pakistan for not eliminating the madrassa networks that are producing terrorists. Privately, China has been asking Pakistan to take action against jihadi nurseries but this time they went public on this point.

Three: the Chinese told Gilani that the situation in Afghanistan is improving and Pakistan should not do anything that can stall it.

The Chinese have told Pakistan that they are on the same page as the US as far as the issue of terrorism is concerned and Pakistan should lower its obsession with India. Furthermore, the Chinese have advised that the US is going to be the only source of funds needed for budgetary support for Pakistan. China can invest in infrastructure projects but no cash transfers. Recent assignment of hydro projects to Chinese companies show that China is using its leverage to get better deals from Pakistan than it could if international bids were invited.

Continue reading The self-centred beggar

Sindh’s discomfort with surging foreign debts

By Sabihuddin Ghausi

Mounting foreign loan burden has started telling on the nerves of Sindh’s economic managers. Officials at the Sindh Secretariat at Karachi complain of inflated cost of foreign funded projects that are thrust on them. “ All projects are virtually designed by the donors but are attributed to us without the consent of provincial political leadership and the concerned officials,” confided an official.

Continue reading Sindh’s discomfort with surging foreign debts

Prime Minister’s (Gilani) wife gets Rs38m bank loan written off

PM’s wife gets Rs38m bank loan written off – by Syed Irfan Raza

DAWN

ISLAMABAD, April 8: The wife of Prime Minister Yousuf Raza Gilani is one of the main beneficiaries of the recent loan write-off policy of the National Bank of Pakistan. The bank waived a loan of over Rs 38 million loan taken by Pak Green Fertiliser Limited (PGFL) which she owned as one of its main partners.

According to NBP’s annual report of 2009 and its advertisement published in newspapers on April 1, the bank wrote off the PGFL loan last year.

Continue reading Prime Minister’s (Gilani) wife gets Rs38m bank loan written off