"Qaraz Utaro Mulk Sanwaroo" Scheme

  • I want to know the details of "Qaraz Utaro Mulk Sanwaroo" Scheme launched by PMLN. Please describe the reality with proof. Donot go for assumptions

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  • No information yet. I shall b thankful if someone guide me

  • http://www.facebook.com/photo.php?fbid=289569857743401&set=a.145607715472950.18379.145569565476765&type=1&theater

    complete audit reports of the program were produced before the national assembly by foreign ministers during musharraf and zardari's govt and they failed to find any discrepancies. Upon moaning on the issue day and night, babar awan and altaf hussain were sent copies of the state bank of pakistan audit report.

  • as you can see from the link the report is available on the state bank website, please go read it and try to identify issues

  • Na mulk sudhar na Qarz utra.... this is the bottom line

  • Nawaz with his Raiwind mentality concocted the half-arse scheme for the foreign debt relief. As per the following report published by Pakistan Institute of Development Economics shows how debt started and where it reached by second tenure of 'mard-e-momin's ameer-ul-momineen:


    The occurrence of debt in Pakistan started in 1984-85 when its surplus revenue account turned for the first time into deficit. Subsequently, both the fiscal deficit and debt started to increase at multiple rates. The overall deficit (total revenue minus total expenditures) amounted to Rs 89.2 billion in 1990-91, which swelled by 66 percent to Rs 148 billion in 1997-98. While the domestic component of national debt increased from Rs 448 billion to Rs 1280 billion (185 percent) foreign debt, increased from Rs 272 billion to Rs 697 billion (156 percent) over the same period of time.

    As a consequence debt-servicing has increased rapidly from Rs 23 billion to Rs 73 billion (217 percent), during the period between 1990-91 to 1997-98 [Pakistan (1997- 98)]. The deferment of debt-servicing payment started to emerge as a major fiscal constraint in the early 1990s. With the passage of time, the payment of debt-servicing has become increasingly difficult not only because its amount has been increasing continuously but also because it has been accompanied by a reduction in the availability of low interest bearing external financial assistance and the rising cost of the internal borrowing. Government has been woefully constrained since especially the mid-1990s in reducing its fiscal deficits.

    The Nawaz Bozo collected Rs 1,226 million (A quarter above a billion Rs) with this scheme according to the documents published by State Bank of Pakistan. He made fool of not only himself but also the nation. How in the hell could he have paid the debt of Rs 682.3 Billion? Rs 1,226 million could barely helped in making debt financing payments for two years, it won't make a dent into national debt.


    Here is link to the document on State Bank of Pakistan's website that Pervez Rasheed was making reference to. Well, you can't fool you ninkampoops. BTW posting references from FB shows their level of intelligence.

  • From the same report published by PIDE, the following lines highlights who have plundered the wealth:

    Pakistan owed only US $ 1 million to foreign debtors in 1950–53 but since then it has grown exponentially.

    Pg 1068,


  • Karachiites paid Rs 0 Bhattha(forced extortion) in 1950. In 2012 coz Karachi got infested with MQMized plague so every business was forced to pay billions in Bhatta,even common residents were not spared either..

    متحدہ قومی موومنٹ فطرہ بھتہ [ Muttahida Quami Movement Fitra Bhatta ]

    Disgruntled Karachiites ransack MQM office : 2 killed during forced Fitra Khori

    p.s. Facebook image was posted for nitwits who don't bother reading state bank's report or searching this site's previously discussed topics..

  • لگتا ہے کراچی والوں کی مظلومیت نے آپ کو عید کی خوشیاں بھی سہی سے نہیں منانے دیں.الله سمجھے ان ایم کیو ایم والوں سے ، ہمارے ڈاکٹر صاحب کی عید خراب کر دی

    کوئی بات نہیں ڈاکٹر صاحب ، کراچی اور ایم کیو ایم کے علاوہ بھی پاکستان ہے وہاں سب کچھ ٹھیک چل رہا ہے، امن آمان ہے ، سب کاروباری حضرت بغیر کسی پریشانی کے اپنا کاروبار کر رہے ہیں ، عوام اناس دروازے کھلے چھوڑ کر بےفکری سے بازاروں میں خریداری کر رہے ہیں ان کے خوشی سے پھولے چہرے دیکھ کے ہی خوش ہو لیں آپ .

    کراچی والے کچھ نہ کچھ گزارا کر ہی لیں گے آپ اپنا موڈ نہ خراب کریں کچھ گلی کے آوارہ لونڈوں کی وجہ سے

  • @Adonis

    So much has been published about "Qarz Utaro Mulk Sanwaro" that if someone with even a modicum of education still questions where the money went, then one can only pity the nation which has such educated people.

    But if some one was hibernating under a rock for the last 12 years, then here again is the official State Bank of Pakistan report issued during Musharraf era.:




    The ""Qarz Utaro Mulk Sanwaro" or "National Debt Retirement" scheme is described on pages 127-128 of this report.

    The report says:

    "The National Debt Retirement Program (NDRP) was launched on February 27, 1997 to solicit funds from non-resident Pakistanis (NRPs) towards retiring the country’s external debt. Resident Pakistanis were also allowed to participate in the scheme using their foreign currency accounts, FEBCs, FCBCs, traveler cheques, remittance from abroad or by surrendering hard currency.10 Deposits in three currencies (US Dollar, Pound Sterling, and the German Deutsche Mark) could be placed in the following:

    1. An outright donation with no payback (referred to as NDRP I).

    2. Qarz-e-Hasna deposits for a minimum period of two years; no interest payments but principal repayments could be taken in Rupees or hard currency (NDRP II).

    3. A profit bearing deposit for a minimum period of two years (NDRP III).11 The interest payable is indicated in Table 8.9.

    To ensure the scheme’s success, the following incentives were provided to mobilizing institutions: (1) Full zakat and

    tax exemption, (2) the Authorized Dealers (ADs) were instructed to handle all incoming remittances free of charge, and (3) ADs were allowed to purchase forward

    cover against these deposits at the then existing rate (5.5 percent for US Dollars), which would be applicable for the entire length of the deposit. Although FCAs were frozen in May 1998, SBP through two separate circulars clarified that the restrictions on hard currency withdrawals did not apply to NDRP and that they would, and are still being, serviced in hard currency.

    Table 8.9 shows the total stock from NDRP I, II, & III as of end-June 2001. The majority of these donations, Qarz-e-Hasna, and profit bearing deposits were made in the first year of the scheme. Subsequent years have seen minor inflows. As can be seen from the table, the largest inflows have been in the profit bearing deposits.

    As far as the usage of NDRP funds is concerned, the equivalent Rupees generated under NDRP I & II are credited to the government account with SBP. The foreign exchange component, against which these Rupees are generated, form part of the central bank’s foreign exchange reserves. The federal government has used these Rupees to retire domestic debt of about Rs 1.7 billion, which carried a 17.3 percent rate of interest per annum. Inflows from NDRP III form part of SBP’s foreign reserves, while the generated Rupees are credited to the mobilizing institution. For collections in Rupees, the amount collected by commercial banks is surrendered to the relevant SBP local office, which credits

    the government account on receipt.

    Table 8.9: Deposits under NDRP - FY01

    in million

    Currency-wise collection Total LCY

    US$ £ DM US$ collection

    Donations 27.9 0.1 0.0 28.0 824.0

    Qarz-e-Hasna 1.5 0.0 0.0 1.6 96.4

    PBD 134.4 8.9 4.2 148.8 305.8

    2-Year 2.0 0.2 0.2 2.3 -

    3-Year 2.4 0.2 0.6 3.0 -

    4-Year 0.7 0.1 - 0.9 -

    5-Year 129.3 8.4 3.4 142.6 304.8

    Total 163.8 9.0 4.2 178.3 1,226.2

    PBD: Profit bearing deposits; LCY: Local currency (Rs)

  • Forum says I am moving too fast.. I think admin imposed restriction on me.. I am not a "established member"

  • Oh my, mr. Cut & paste just learned something further than takbeer and naway-e-waqt. By pasting the passage from SBP annual report 2000-2001, what have you proved: let me guess 'nothing'. Can you enlighten why these figures were published in that year but not in 1997-1998 fiscal year AR.

    Doctor death, you and mr. Siddiqui are paid touts of pmln, you both always try to derail any genuine conversation, that is your tactic to hide pmln birth defects.

  • RQ

    "he occurrence of debt in Pakistan started in 1984-85 when its surplus revenue account turned for the first time into deficit. Subsequently, both the fiscal deficit and debt started to increase at multiple rates.


    can u plz quote source of above because i really doubt this (not doubting u )

  • SA bhai,

    If you follow the link in my post, it will lead you to the report in pdf format. Hope that helps.

  • Doctor,

    Forum says I am moving too fast.. I think admin imposed restriction on me.. I am not a "established member"

    Is that from Siddiqi?