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‘Pakistan may lose WB loan if transformers project delayed’
| LHC summons Economics Affairs Division secretary
 
 
 
‘Pakistan may lose WB loan if transformers project delayed’

LAHORE  - After restraining federal government from returning loan to World Bank issued to Pakistan for energy sector, the Lahore High Court on Friday summoned Secretary Economic Affairs Division on May 05.
Justice Khalid Mahmood Khan of the LHC heard the case and passed an interim order on a petition filed by Pak Electron, a local private company, against bidding process for manufacturing of transformers initiated by Fesco (Faisalabad Electric Supply Company).
The petitioner counsel argued that Fesco issued a tender for manufacturing of transformers of different capacities but it violated the SRO issued by Federal Board of Revenue. The petitioner said that the Federal Board of Revenue had given 25 percent exemption to local manufactures in Custom duty and landed cost.  He said that the ministry of finance was also informed but no step was taken by the ministry for the last two years. He said the negligence on the part of the ministry was causing a serious loss to the country while the project was initiated with the help of World Bank that issued a sufficient loan to Pakistan for the development of energy sector.
The government was not showing its interests in development projects and recently Asian Development Bank had withdrawn its loan from Pakistan, said the petitioner. He told the court that World Bank might withdraw its loan given to Pakistan if the project was delayed.
After hearing the arguments of the petitioner, the court stopped federal government from returning loan to World Bank and summoned Secretary Economics Affairs on next date of hearing fixed as May 05.

 
 
on epaper page 8
 
 
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