ISLAMABAD: Transparency International Pakistan has urged the government to initiate immediate recovery of outstanding dues from the sale of Pakistan Telecommunication Company Limited to Etisalat, stating the amount has surged to nearly $6 billion from the original $800 million agreed in 2005.
The recommendation follows renewed financial pressures after the United Arab Emirates asked Pakistan to repay $3.5 billion in debt that had been rolled over since 2019.
Consequently, TIP, in a letter addressed to Adviser to the Prime Minister on Privatization Muhammad Ali, called for directives to the Pakistan Telecommunication Authority to begin recovery proceedings without further delay.
Moreover, the watchdog recalled that it had first raised the issue before the Supreme Court of Pakistan in 2011, when the outstanding amount stood at $1.6 billion. However, continued inaction significantly increased the liability over time.
In addition, TIP highlighted the loss of a two percent penalty, estimating it at $1.5 billion accumulated over seven years from 2005, alongside the unpaid original amount. It stressed that the failure to recover these dues reflects serious regulatory shortcomings and has caused substantial losses to the national exchequer.
Meanwhile, the matter also surfaced earlier this year during a meeting in Dubai involving Ishaq Dar and senior Abu Dhabi officials, including representatives linked to Etisalat.
Overall, TIP has called for a formal review and urgent action to recover the accumulated dues, emphasizing the need for accountability and stronger enforcement in privatization agreements.
