Will some one please write off my loans?
I have suffered from severe Post-Traumatic Stress Disorder, since my application for writing off a loan of Rs.25,000 was turned down by my bank.
The fault of course was completely mine. Not borrowing the right amount, not choosing the right bank and not having the right connections. I should have instead gone to a National Bank, borrowed Rs. 250 million and then applied for a write-off. With the right tilt of personal and party preferences, aided by the ‘transparent and non-discriminatory method’ specified by the SBP guidelines, my loan would have been written off in a jiffy.
One had great hopes in the President’s core agenda of recovering all loans even if it meant using minor arm twisting or nabbing techniques. Regrettably, the 11 public sector banks and DFIs wrote off Rs.23.5 billion in the year 2000-2003 and then another 25.5 billion from 2003 to 2006. What an astonishing financial system. The poorest of the poor cough out Rs.50 billion so that the state can write off the loans of the shamelessly rich and obscenely powerful people of this country. Will the government please publish the amount and the names of all those whose loans have been written off. Whose money is it any way?