After successful testing of underground gasification of coal project started by Dr Samar Mubarak at Thar, oversees Pakistanis have showed their interest in giving financial assistance to the important project, which was facing a financial predicament.
OVERSEES INTENT
After the news appeared in media regarding financial constraints faced by the only successful project – touted as having the potential of at least 100 megawatts electricity – the oversees Pakistanis have their flaunted their willingness to provide around $115 million to the project. This was said by Dr Mirza Ikhtiar Baig, Advisor to Prime Minister on Textile while addressing a conference on ‘We need Crisis or Growth’ here at Federation House on Wednesday. However, he said Dr Samar informed that government has already released the required installment to the project as the project was in need of the amount to keep the developing works going on. However, oversees Pakistanis could send related machinery and equipments to the project, he reiterated. The underground gasification project was only success story of the year, a veritable ray of hope for the nation, he said.
TEXTILE, TERRORISM AND TAXES
Talking about textile industry, Baig said even though the sector was facing multi-pronged challenges – especially the energy crisis – the exports have still showed a growth of 15 per cent during the last six months. In spite of the shortage of energy, demand of which has been increased by 60 to 65 per cent in the last 10 years, a single megawatt has not been added by the successive governments. Baig also said the crisis-hit country should come out of the war on terrorism which has hampered national progress with the loss of $ 265 billion. Talking about corruption, mismanagement, tax evasion and non-imposition of taxes which have veered the country’s economy towards a sticky situation, Dr Shahid Hasan Siddiqui, chairman and chief executive of Research Institute of Islamic Banking and Finance, Karachi, said the much debated National Reconciliation Order (NRO) has caused the nation with losses to the tune of Rs45 billion.
PRESENT GOVT’S PERFORMANCE
The present government inaugurated Diamar Bhasha Dam for the second time in 2011 since it was already inaugurated by former President Musharraf in 2006 causing a jump in the cost of the approved mega project, he said. Dr Shahid who is also a renowned economist claimed that Pakistan was losing Rs1, 200 billion annually because of corruption and another Rs1, 900 billion because of tax evasion and non-imposition of taxes by the present government. In addition, around Rs300 billion losses were being made due to corruption in the public sector enterprises. According to Transparency International and World Bank, he said, at least 40 per cent of the development budget of the country was being misappropriated.
He further claimed that the present government is not serious about Iran-Pakistan Gas Pipeline and it was waiting for a US sanction on the project. Whatever development shown by the government so far was no more than a political point scoring and propaganda. He alleged that the hidden forces were trying to separate Gawadar (Balochistan) which could b an alternative strait to the Bandar-e-Abbas which has Iranian domination.
ATTENDEES
The conference was also addressed by Sardar Showkat Papulzai President Balochistan Economic Forum, Pervez Asghar, Director General, National Center for Maritime Policy and Research Bahria University Karachi, and others while Jaan Jamali Deputy Chairman Senate also made a telephonic address.
