In the wake of Election 2008, the people of Pakistan are happy that the coalition government has shown commitment to give respect to their mandate by removing unconstitutionally imposed president and restitution of deposed judges. However, one issue has escaped the attention of everybody, that is recovery of billions of rupees written off by the banks. According to press reports, the Supreme Court has taken serious notice of the fact as to how banks wrote off a staggering amount of Rs125 billion as "bad debts" during the 2000-2006 period, against Rs30 billion written off during 1985-1999. It is reported that larger number of loans have been written off under Circular No 29/2002, issued by the State Bank of Pakistan (SBP), of which major beneficiaries are politicians and industrialists. The criminal culpability of successive governments in this matter has tarnished the image of Pakistan in the eyes of global community as a haven for the corrupt, plunderers and tax evaders.
During the self-claimed "transparent era" of Musharraf-Shaukat, the loans write- offs in just seven years (2000-2006) crossed the figure of Rs125 billion, whereas in the much-publicised "corrupt eras" of elected governments (1985-1999) it was just Rs30 billion. This comparison speaks for itself and does not require any further comments.
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