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The years of rot would take time to clean but the sheer will and commitment demonstrated by the government to turn the tables on influential defaulters, has proved to be an immense success. It has stirred hope that all is not lost and together we could clear the economic mess which have been left by the successive so caled 'democratically elected' governments. This week's Cover Story takes a closer look of the Government's Loan Default Drive.



The consumers will be required to pay 30 per cent more for electricity consumptions in their monthly bills as a result of withdrawal of 50 per cent subsidy on additional surcharge by the government from October, 1999. Previous government had announced relief to electricity consumers because exorbitant power rates were one of the major reasons for power theft causing 40 per cent losses to both WAPDA and KESC.

Petroleum Dealers

Petroleum dealers demanded exemption from filing returns after payment of 10 per cent presumptive tax. They have also demand for increase in their commission which said has reduced from 7 per cent in 1972 to 1 per cent in 1999. The dealers have also threaten to go on strike if 10 sales tax levied on dealers is not withdrawn immediately.


Pakistan has been making strides to establish its credibility in the global financial market. Eurobonds' next payment of US$ 150 million was due in December. However, on the insistence of the IMF and the World Bank, Pakistan has made an offer to restructure these bonds amounting to US$ 660 million.


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