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.
Electricity
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10 sales tax levied on dealers is not withdrawn immediately.
Eurobonds
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.
