The recent business news I have gone through is leading our economy towards destruction. In a meeting on Monday, between the Economic Coordination Committee (ECC) and our Finance Minister Ishaq Dar, ECC approved a Rs30.6bn loan for an already controversial Nandipur Power Project. 

Nandipur project was thought to be a shining light to overcome Pakistan’s power woes but instead it has become controversial during the last few years due to massive corruption. It has failed to fulfil all claims made by government about the project. This project has been built thrice by Shahbaz Sharif in the past 7 or 8 years, each time with more expenditure. But it is quite evident that it is useless to invest in this project because it is not prospering due to corruption and incompetency. 

Last year as well ECC approved a similar loan of 37bn and now another loan of 30.6bn for the same project which according to me seems useless because chances of progress being made is likely to be little. The question is, where does all the money of these loans go? The corrupt authorities take these loans in name of country’s benefit but spend them elsewhere. The result is hike in taxes which we people have to pay. 

People should raise their voice against these loans and the government should stop taking loans, one after another. 

SEHER RAO,  

Karachi, November 7.