Politically-motivated loan waivers ‘a crime’: Shahbaz

* Punjab CM says corruption has impeded development projects, appeals to CJP to recover stolen billions

Staff Report

LAHORE: Waiving off loans on political basis is a robbery and a blatant infringement upon the rights of people, Punjab Chief Minister (CM) Shahbaz Sharif said on Sunday.

He was talking to reporters during his inspection of various development projects in Lahore. He inspected Shalimar Interchange, GT Road-Ring Road Package-9, and horticulture work on GT Road up to Wahga border, Harbanspura Package-10 and Ring Road Package-7 near the city’s main airport.

He said the poor masses had a right over national resources and the situation in backward areas would have been better had the funds been used for development. Pakistan would not have needed financial assistance under the Kerry-Lugar legislation if the loans had not been written off, he added. Pakistan would not have to rely on foreign assistance if loans worth billions of rupees had not been waived off, the CM said.

He said loans worth Rs 60 billion were written off on political basis during Musharraf’s era. He appealed to the prime minister and chief justice of Pakistan to recover the looted amount from the plunderers. He said it was because of corruption that development projects throughout the country were still incomplete and people were running from pillar to post for basic necessities.

Shahbaz said the Bank of Punjab was robbed of Rs 9 billion and “PCO judge” Bilal Khan not only the stopped Punjab government from arresting Hamesh Khan, the former president of the Bank of Punjab, but also managed his escape. He said that it is due to an independent judiciary that the owners of Haris Steel Mills, who had escaped from the country after looting national resources, had been brought to justice. He said timely and transparent completion of development projects was being ensured. The CM said millions of students would become a part of the global village with the establishment of IT labs.....LINK