Loud Thinking August 07, 2014 at 09:45AM
My note posted on 5 June 2012 at the fb, which is still very relevant.
Pakistan, World Bank signs agreement
ISLAMABAD – An Agreement was signed between the Government and the World Bank for $ 200 million funding for Natural Gas Efficiency Project.
As a rule of thumb in such loans from World Bank and other such agencies, the third world recipient countries only get 20% out of the sanctioned total amount.
The rest of the loan value goes back under various charges like processing charges, consultants fees (usually the consultant is the wife of the country world bank head) and other such heads.
As such, Pakistan will hardly receive about $20 million from this loan. However, we will have to repay the entire $200 million plus interest.
So, under the circumstances, we should refuse the loan (now we will have to pay charges even on refusal to accept the loan), with thanks to the WB. We have had it enough of their generosity.
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