Pakistan
Gilgit – Baltistan disputed territory, World Bank refuses to fund Diamir Dam
ISLAMABAD (Online): World Bank (WB) has refused to provide loan for the construction of Diamir- Bhasha dam after India raised objections over its construction.
This was told by WAPDA officials to National Assembly (NA) standing committee on inter-provincial coordination here Friday.
The officials informed members of the standing committee that India had called to question the status of Gilgit – Baltistan and the WB, apparently, declared the Indian stance correct.
The WB termed Gilgit – Baltistan a disputed territory and refused to extend loan, they added.
Ok, let’s see other options of financing; we should not be heavily dependent on WB/IMF/ADB.
It was the golden regime of Musharraf when Banks and other Donor agencies were offering financing and support to the government due to their bold leadership.
Hope that government would not linger on this project due to funding.
Regards
which other options please suggest!
Mr. Shah Zaman, it will be greatest service to the nation if you could identify any other sources! What we know is that the nation is thoroughly indebted to the institutions you have mentioned. Our economic policies and financial decision are taken according to the dictations of these institutions as they are the first and last resort for us. If they delay any instalment of their loan to us even for a short period, our economy tends to touch the verge of collapse.
If you know any other source, please come forward and let the nation know about that so that the long standing economic woes of this nation will come to an end. I am sure if you could bring an alternative to the dependence on these institutions, there is no need of having Dr. Hafeez Sheikh as Finance Minister and he will be replaced by you.
As for as your term for Musharaf’s period as “golden regime” is concerned, I just want say that the nation is reaping the fruits of that golden regime now and the king himself is resting in peace in London.
folks! thr is a posibility tht t gilgilt-baltistan constittutional package ws a premptive measure of govt.of pakistan to ensure tht they gt t funds for building ths dam of huge national importance!!! bcz india hd objectd over t issue before construction of t dam hd been initiated……might b t package ws timed n aimed at showing t bank tht its a legitimate n undisputed area governd by pak??? bcoz as it did, t bank does not finance projects in disputed teritories…….or may b its just anothr conspiracy theory visiting my mind!!!!!!!!!!
@ 2 & 3
It is not the responsibility of an individual or ordinary citizen to seek funds for such mega projects. Why you are challenging an individual???
It could be because of the corruption record of the current govt so donors are hesitant to invest such large amount in Pak. Yes for sure many development initiatives were taken by Mushraf’s govt.
The current govt is unable construct few centimeters of Spill Way at the Hunza artificial lake ……. how could one expect such big projects from them….. …they can only manage Baitul Mal and LANGERs…..
D. Hunzai, I agree with you and thanks for justifying my statements.
This is for Immaculate Dream.
I respect your views but would never agree with you. There are at least 10 other options through which we can tackle such funding issues, please read and review the economic and financial reviews published by the national and international observers, plus I would also suggest you to read the articles of economists published in Daily Urdu and English News Papers and magazines, it does not anticipate any special research and thesis from me as every thing is available at the disposals of the state machinery.
Good intentions and transparency are one of the key and important factors considered in implementing all the planned activities, especially mega projects. Unfortunately this is lacking (intentionally or unintentionally). There is no doubt that our economic and financial policies are taken in light of foreign directions but we why it was restricted, limited and managed by our finance minister and later on PM (Mr. Shoukat Aziz) because of the great vision, competency, sincerity, true and confident leadership of Musharraf.
As far as Mr. Hafeez Sheikh is concern, He was also a key person of Musharraf team (1999-2002 as Finance Minister of Sindh, 2002-2006 as Minister for privatization).
Time is restricting me to write you in detail. Hope this will be good enough for meanwhile.
Regards