PML-N govt fails to recover $800mln from the buyer of PTCL

Ishaq Dar

WEB DESK – The Pakistan Muslim League-Nawaz (PML-N) led federal government has not appeared to be different from previous two governments when it comes to recover as much as $ 800 million outstanding payments from the Etisalat International aka buyer of Pakistan Telecommunication Company Limited (PTCL).

According to a detailed answer submitted by the first timer lawmaker of Pakistan Tehreek-e-Insaf (PTI), Dr Arif Alvi, federal finance minister Ishaq Dar maintained that the payment was pending ever since 2006.

The detailed reply stated that the government was persuading Etisalat International Pakistan to release the much-needed foreign exchange.

However, it reply also declared that obstruction in the payment was due to transfer of the remaining 43 properties to Etisalat which had to be done by January 2008 as per the original agreement between the government and the buyer.

The government sold 26 per cent PTCL shares to the UAE telecom giant for $2.59 billion with management rights. Etisalat paid $1.799bn and withheld the remaining $799.3.4 million because of the governments’ failure to meet all conditions. Ironically, the governments have been showing the money yet to be recovered in federal budgetary estimates.

About the author

Hissan Khan

Hissan Khan is currently working as the Editorial Head of Pakistan Tribe's Islamabad Office. Having work as current affairs host, news analyst and C4D expert, Hissan holds a good command over communication and development strategies.

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