‘Etisalat given 5 years for PTCL payment’

ISLAMABAD (December 22 2005): The federal cabinet on Wednesday approved rescheduling of United Arab Emirates firm Etisalat’s bid for the sell-off of Pakistan Telecommunication Company Limited (PTCL). “The matter has been resolved amicably,” Minister for Information and Broadcasting Sheikh Rashid said newsmen after the cabinet meeting.

Read the full story here.

We’ve all known for the last couple of days that a deal has been concluded and that there would be deferred payments, but five years is an outrage!. The purpose of this deal is to salvage the gap in the nations budget that would have been created, incase the deal did not go through.

Deferring a payment over five years simply does not make sense, unless there are additional payments to compensate for inflation and other depreciations in the value of money.

1 Comment so far

  1. jawad (unregistered) on December 22nd, 2005 @ 1:39 pm

    Just one of those deals that leave a bitter taste.

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