I am afraid I disagree with the writer, since budget constraints are not really the issue.
ABBOTABAD: This is with reference to Dr Pervez Tahir’s article of January 28 titled “Reko Diq and budget constraints”. I am afraid I disagree with the writer, since budget constraints are not really the issue. We need a consortium of professionals headed by a reputed industry or business leader to be formed, and it can be tasked with raising financing for the project. This is not something impossible to achieve, given that capital and financial markets do exist in the country and they routinely lend funds for infrastructure projects. There are several examples where debts have been raised to finance large projects in Pakistan. Examples include the recent Engro Rupiah scheme. Let’s not finish off a project without giving it an opportunity to be managed by competent people who can try and raise funds for it. The telecom sector, for example, has, in the past seven years, raised over a billion dollars on its own, to finance its growth.
Asim Ali
Published in The Express Tribune, January 31st, 2011.
