Fazlur and Rest of Hypocrites Still Support NRO
By Salman Mugsi • Nov 25th, 2009 • Category: Politics • 2 CommentsIt will still be a time that we come to know what bones exactly the present regime has thrown towards the Fazlur Rehman. Like Diesel permits of Benazir Bhutto’s era, chairmanship of Kashmir committee and the state land in D.I. Khan bestowed by the Pervez Musharraf, it would be quite interesting to learn what Fazlur has extracted from the current regime.
The statements appearing in the media by the Fazlur and his companions show that they are all for the infamous law and its beneficiaries. The Jamiat Ulema-e-Islam (JUI-F) still has a soft corner for the Zardari government even after making public the names of the National Reconciliation ordinance (NRO) beneficiaries.
Starting from the president Asif Ali Zardari, At Least four federal ministers; Interior Minister Rehman Malik, Defence Minister Chaudhry Ahmed Mukhtar, Farooq Sattar and Babar Ghauri and plethora of provincial ministers from Sindh are the beneficiaries of the NRO.
That must have brought a good price to the Fazlur.
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Pakistan’s top defaulters:
According to the Moeen Qureshi list of 1993, Fazalsons group was defaulting in the payment of 34 loans amounting to Rs 2,164 million, Hyesons was defaulting in Rs 1,174 million, Habib group in payment of 32 loans worth Rs 850 million, an obscure Naqvi group was in default of Rs 676 million, Tawakkal Rs 479 million, Adamjee Rs 198 million, Dadabhoy Rs 191 million, Hashwani Rs 48.7 million and Fancy Rs 40.6 million.
Major defaulters among the politicians were Chaudharies of Gujrat who were defaulting in payment of six loans worth Rs 109.66 million against Phalia Sugar, Punjab Sugar and Sapco Limited, Ittefaq group Rs 83 million against Ittefaq Foundry, Saifullah’s Rs 37.3 million while Zardari group was in default of Rs 7 million.
List of top loan defaulters by Benazir 6.9.1996.
S.No Name Amount Borrowed Default (Rs in Millions)
1 Ittefaq 3,675 2,891
2 Fazalsons 3,475 3,475
3 Tawakkal 1,768 1,464
4 Bela Chemicals 1,259 1,217
5 Abdul Shakoor Kalodia 1,215 1,215
6 Naqvi 1,213 1,060
7 Zahur 1,035 905
8 Ghani 1,023 985
9 Arabian Sea Enterprise 950 913
10 Hyesons 750 725
11 Chaudri Cables 716 684
12 Farooq A Sheikh 632 632
13 Habib 615 615
14 Bawany-Alnoor 601 485
15 Chaudry Shujaat 544 381
16 Dawood 540 325
17 Adamjee 526 494
Total 20,537 18,466
Top defaulters by Meraj Khalid in January 1997
S.No Name Amount in Default (Rs. in Million)
1 Ittefaq 3,013
2 Tawakkal 2,956
3 Fazalsons 2,800
4 Bela Chemicals 2,339
5 Chaudri Shujaat 1,557
6 Abdul Shakoor Koladia 1,254
7 Fauzi Ali Kazim 1,159
8 Saigol 1,086
9 Naqvi 1,056
10 Zahur 1,028
11 Abdullah Al-Rajaih 1,031
12 Ghani 903
13 Habib 845
14 Adamjee 832
15 Hashwani 640
16 Arabian Sea Enterprise 626
17 Sargodha 581
18 United 501
19 Chakwal 441
20 Dawood 376
21 Bawany-Alnoor 352
22 Fateh 213
23 Packages 166
24 Colony 81
Total 25,389
Top four defaulters are common in lists published by Benazir and Meraj Khalid adn 24 individuals and families are defaulting in the payments of Rs 26.7 billion to the nationalized commercial banks and financial institutions. Mian Aftab Ahmad of Fazalsons and Habib Bank Gujranwala merit a special place in the history of banking frauds in Pakistan.
Pakistan’s Economic Comparison 1999 to 2007
Pakistan’s economy grew by 100% — to become $ 160 billion
Revenue grew by 100% — to become $ 11.4 billion
Per Capita income grew by 100% — to become $ 925
Foreign Reserves grew by 500% — to become $ 17 billion
Exports grew by 100% — to become $ 18.5 billion
Textile exports grew by 100% — to become $ 11.2 billion
Karachi Stock Exchange grew by 500% — to become $ 75 billion
Foreign Direct Investment grew by 500% — to become $ 8.4 billion
Annual Debt servicing decreased by 35% — to become 26%
Poverty decreased by 10% — to become 24%
Literacy ratio grew by 10% — to become 54%
Public development Funds grew by 100% — to become Rs 520 billion[45][46][47][48][49][50]
The vision and policies helped Pakistan come out of the list of Highly Indebted Poor Countries (HIPC) while setting it on path of prosperity, growth and economic reforms. The world financial institutions like the World Bank[51] and IMF[52] and ADB[53] have been praising Pakistan for its reforms, fiscal policies and macro-economic achievements.
Poverty alleviation