KARACHI: The Sindh Board of Investment (SBI) Chairperson Naheed Memon rebuked the previous PML-N government for its fixation of resolving the power crisis and sidelining the accumulation of foreign debt because of excessive loans contracted for power projects.
In an interview to Express Tribune, she stated the previous PML-N government spent concessionary loans on its Orange Line Metro Train (OLMT) project and hid all deals made under the China-Pakistan Economic Corridor (CPEC).
Ms Memon said general perception about a lack of ambiguity concerning CPEC developed after the previous government spent concessionary loans on projects like OLMT.
She added, Karachi Circular Railway (KCR) project held more significance in terms of the larger picture if taken into context, however, funds for these kinds of projects were spent till the time other provinces went for soft concessionary loans.
The SBI chairperson rebuked other provinces for their lack of proactive approach, stating they requested concessionary loans but were informed of their exhaustion for CPEC.
Ms Memon believed provinces should have taken a pugnacious stand in this regard.
Furthermore, the SBI chairperson said everyone in the Special Economic Zones (SEZs) was being given equal treatment, whether they be Pakistanis, Chinese or foreign investors from European countries.
She rebuked the previous PML-N government for its fixation of resolving the power crisis and sidelining the climbing of foreign debt because of excessive loans contracted for power projects.
While talking about the OLMT deal, Ms Memon said, “In order to keep secret the Orange Line deal, the previous government made all CPEC deals obscure, which generally made people suspicious about the corridor altogether.”
In response to a question that Sindh hadn’t been considered business-friendly, Ms Memon rejected this impression and said the majority of the business tycoons in Pakistan had raised their wealth from the province.
She attributed this impression to a propaganda campaign against Sindh. Furthermore, the SBI chairperson said governing Karachi, the largest city in the country was a difficult task since several political factions existed there.
However, she highlighted the improvement in security had enabled an improvement in the business environment of Karachi.
Furthermore, she stressed the significance of small and medium enterprises (SMEs) and highlighted they required support to flourish.
