PTCL Privatization Dues and Budget 2016-17, News Report of Daily Express
Islamabad (Tuesday, 7th June 2016) – Today daily Urdu newspaper “Express” has published an detail news report on the PTCL-Etisalat Sues Issue. 80 Crore dollars are pending dues of PTCL privatization on UAE Etisalat group. PTCL was pravitized in 2006 by the the Government of Pervaiz Musharraf.
Tribune Express News Report
Govt keeps mum on $800m owed by Etisalat
The $800 million in arrears from the privatisation of Pakistan Telecommunication Limited are not mentioned in 2016-17 budget books, suggesting the government may have foregone the debt in favour of the Dubai-based buyer.
The explanatory memorandum on the federal receipts book for the next fiscal 2016-17 is silent on the outstanding proceeds owed by Etisalat to Pakistan for buying 26% stakes in PTCL for several years now.
The total privatisation proceeds the government has shown for the new fiscal is only Rs50 billion while at the current exchange rate, the PTCL dues alone amount to Rs84 billion.