HBL wrote off loans of Rs 1233. 245 million in 2009, Rs 953.374 million in 2010. Allied Bank wrote off loans amounting to Rs 1857.806 million in 2009 and Rs 169.660 million in 2010. Faisal Bank waived loans amounting to Rs 18.645 million in 2009 and Rs 1426.586 million in 2010, Askari Bank Rs 1009.372 million in 2009, Rs 711.383 million in 2010.
National Bank remained at fifth position in the line of waiving of loans. It wrote off loans of Rs 638.461 million in 2009 and Rs 503.967 million in 2010.
Industrial Development Bank waived loans amounting to Rs 194.297 million during two years, Saudi Pak Industrial and Agricultural Investment Rs 60.158 million, Pak-Libya Holding Rs 6.115 million, Pak Kuwait Investment Company Rs 85.848 million, Equity Participate Fund Rs 1.707 million, My Bank Rs 83.481 million. NIB however did not provide the information about 2010.
Atlas Bank wrote off loans of Rs 56.6 million but it did not provide information in respect of 2010. Bank of Khyber waived loans of Rs 25.893 million in 2009. City Bank wrote of loans of Rs 405.350 million in 2009 but no information was furnished by the bank for the year 2010.
Bank Al-Habib waived loans of Rs 3.190 million during 2009 and it produced no report regarding 2010. Habib Metro Politan Bank wrote off loans of Rs 85.566 million during the two years. Bank of Punjab waived loans of Rs 77.449 million in the two years, HSBC Rs 367.212 million, MCB 937.837 million.
SME bank wrote off loans of Rs 52.3386 million in 2010, Silk Bank Rs 233. 584 million during two years. UBL waived loans amounting to Rs 2.90 billion in 2010, Standard Chartered Bank Rs 1802.079 million, Summit Bank Rs 9.096 million, Agricultural Development Bank Rs 184.976 million JS Bank Rs 49.023 and First Women Bank Rs 0.708 million. Suneri Bank did not provide information.
The question arises who are these people who have got waived loans running into billion of rupees. Are they common men. A common man can not meet his daily expenses and no one is ready to give loan of even of a single penny.
Finance Minister Abdul Hafiz Sheikh had also made disclosure during National Assembly question hour that loans over Rs 1 billion were written off during the last one year. On the other hand no limit is set for government to obtain foreign loans.
Former governor State Bank Shahid Kardar resigned from his office for this reason that they repeatedly asked the government to obtain less loan from central bank and not to rely on central bank in terms of loans. This led to create tense situation between the government and governor state bank. Eventually he had to tender resignation. But the government diverted its direction for securing loans from state bank to commercial banks and it started securing loans more from commercial banks and less from state bank.
Government in its economic survey report for the year 2010-11 has admitted that condition of national economy remained worse. Inflation and loans surged and several budget targets of the current fiscal year could not be achieved. No serious attitude was shown in this regard.
This is the need of hour that government should control its luxurious expenses and obtain loan in less quantity as currency notes were got printed by the government to meet its expenses. This led to accelerate the rate of inflation.
Economic managers of the country should demonstrate responsibility and advise the government to play the role of responsible government. They should observe austerity otherwise they will have to meet the fate of rulers of other Muslim countries rulers wherein the wave of change swept away the corrupt rulers.