I reproduce (after editing for brevity) a brief I received today from one of our party activists. The actual GRAND THEFT is supposed to begin soon. The $34 Billion investment from China isn’t actually an investment, it’s a LOAN. This LOAN carries a FEE/INTEREST RATE of 7% whereas the project loans Pakistan gets from ADB/WB etc. are usually at a rate of 2-4% To avail this LOAN, the condition is that there will be NO BIDDING for the project ... Most of this Loan will be utilized for Coal based Power Projects for which Government has already filed a “Tariff Review Petition” in NEPRA headed by Khawaja Naeem – a close Relative of Khawaja Asif. Government has requested (and NEPRA approved) to allow $1.7 Million Dollar per Mega Watt construction cost for such projects whereas India has recently built a better and more efficient (than approved by NEPRA) Coal based power plant at a cost of $ 0.55 Million Dollar per Mega Watt. So Now, with NO BIDDING involved, Government will award contracts with a construction Cost of $ 1.7 Million per Mega Watt and hence 2/3rd of it will go into pockets of all the people involved This also explains why “Hussain Nawaz” and “Salman Shahbaz” (who look after family business and have no apparent involvement in Politics) were not only part of state delegation but were also part of meetings that discussed and finalized these MOUs.This does not end here, NEPRA has also revised the ‘Rate of Return’ on investment from 17% to 27% (an unprecedented step) for these projects. And Not surprisingly, first company to announce a Coal based Power project under this program is owned by Mian Mansha. So Now, be ready for country to be burdened further by $34 Billion Loan and a higher Electricity tariff…If everything goes as planned, at the end of the day “Some” will have their pockets heavier by 10-15 Billion Dollars or more…. Rauf Kadri Chairman Pakistan Economic Reform Party
Posted on: Sun, 07 Sep 2014 07:44:27 +0000
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