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ADB wants Pakistan to bow before India

13 August, 2012

ISLAMABAD: Pakistan does not need financial support of Asian Development Bank if rulers really want to construct the dam and are serious to resolve water and power issues in the country, it could be built using local resources.

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ISLAMABAD: Pakistan does not need financial support of Asian Development Bank if rulers really want to construct the dam and are serious to resolve water and power issues in the country, it could be built using local resources.

High-level officials of Water and Power sector believe that local resources can be used to construct very important dam of the country. They said that Asian Development Bank is trying to pressurise Pakistan to bow down in front of India as most of the people running ADB belongs to India and they have strong influence in the organisation.

The sources said that it was already expected that ADB will try to exploit Pakistan in terms of funding Bhasha Dam at a certain time that it has done and now the only way to respond gracefully is not to ask them for the funding and focus on the local resources to start the project that can be done easily provided the political will was available.

It is pertinent to mention here that it has been discussed in the standing committee meeting on Water and Power the other day that ADB that earlier showed its interest and signed MoUs with Pakistan to fund Bhasha Dam Project was now using delaying tactics that resultantly was delaying the start of the project.

The sources whereas said that the government is unnecessarily delaying project that ultimately increasing its cost. The cost of the project was around $10 billion four years back and with delay the cost has increased by $2 billion or even more.

The only reason that decision-makers are interested in obtaining loans was the kickbacks as there were lesser corruption chances using the local resources to build the dam, the sources said. They said that it has become a fashion looking for World Bank and Asian Development's Bank assistance to start any project in the country.

The government, if serious to start the project, could simply launch Term Finance Certificates in the country and could generate lot of finances to start the project, experts believed.

The project could never be started if the government did not stop expecting from international financial institutions. The sources said that in the present circumstances Pakistan could not rely on Friends of Pakistan as they were too led by Asian Development Bank.

The total project cost is $12 billion and it can be completed in not less than 10 years time period. The government should launch TFCs of Rs 100 billion every year and the project will be completed easily. Earlier the government has launched successfully the TFCs to pay the circular debt of power sector that shows that people still could invest in any financial scheme launched by the government.

The sources revealed that basic work has been done on the project such as land acquisition, project design and compensation given to the effectees. Even the tender documents are ready and the government was delaying giving advertisement to award contract and starts work on this very important project.

It is also pertinent to mention here that experts have already reached the conclusion that only hydel power generation could present a long-term solution to the energy crisis looming in the country.

A country like Pakistan with a critical economic situation cannot afford generating electricity using fossil fuel. Not only the power issues could be solved by building dams in the country but dams were also very much necessary to address the water issued being faced at the moment, the sources maintained.

End.


 
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