Provincial Senior Minister Sirajul Haq has said that stand of the provincial government has been accepted by the arbitration tribunal to uncap the capped figure of Rs 6 billion being paid to the province since 1991 under the net profit hydel profit head.
Addressing a press conference here at Media Centre of the Directorate of Information, Siraj ul Haq flanked by Provincial Minister for Law and Parliamentary Affairs Malik Zafar Azam highly welcomed decision of the Arbitration Tribunal set up to settle row between Wapda and NWFP over net hydel profit accounts and stated it a success of the people of the NWFP.
It all became possible due to co-ordinated and collective efforts of the members of the NWFP on the arbitration tribunal, the politicians, and the technocrats that resulted in achieving rights of the province.
Referring to salient features of the 600 pages decision of the arbitration tribunal, he said, according to it, Wapda would pay Rs 110 billion arrears to the NWFP for the last 16 years in five equal instalment of Rs 22 billion each. The first instalment of Rs 22 billion would be paid to the province in coming three months time, he maintained. The Wapda had to pay Rs 193 billion during last sixteen of which it paid Rs 83 billion till date to the NWFP, he maintained.
Similarly the capped figure of Rs 6 billion net hydel profit per annum since being paid to the NWFP since 1991 has also been uncapped and in the new adjustment 10 percent annual increase has been agreed upon over the net hydel profit payment per year.
He informed that the decision about Rs 110 billion arrears has been taken with consensus whereas decision on ten percent annual increase in hydel profit was taken by majority vote of the arbitration tribunal.
The Frontier Province, he said would receive Rs 48 billion net profit on hydel power generation during the current fiscal under the new arrangement that included Rs 22 billion arrears (inclusive of 10 percent increase per annum) and Rs 26.30 billion as its share for the year 2006-07.
According to the new arrangement, the province had to be given Rs 23.91 billion while it received Rs 6 billion similarly in 2005-06, its share was Rs 26.30 billion but it got the capped figure of Rs 6 billion. With ten percent increase, he said, the province's share in net profit would reach Rs 46 billion.
The increase in the net profit would be spent on the welfare of the victims of Tarbela dam, he said, it would also enhance development pace of the province especially in the sectors of education, health delivery and communication net work.
Moreover, we will be able to reduce the burden of debt servicing, he said, adding, the MMA has so far Rs 10 billion for payment of the loans.
Sirajul Haq said, the province would not only get rid of the menace debt but would also be in a position to pay soft terms loans to other provinces. Several tribunals have been formed in the country from time to time in the past but this is the first tribunal that gave its decision in the stipulated period.
He thanked the Federal Government, the central leaders of the Muttahida Majlis-i-Amal (MMA), parliamentarians of the NWFP, MPAs, the parliamentary committee and committee comprising former finance ministers of the NWFP for their continued assistance and support in achieving the task.
The arbitration tribunal headed by Justice Mian Muhammad Ajmal on Monday announced the decision of the tribunal. It merits mention here that NWFP was represented on the arbitration tribunal by Senator Professor Khurshid Ahmed, retired bureaucrat and former Chief Secretary NWFP Abdullah and noted lawyer Abdul Hafeez Pirzada. The Wapda was represented by Manzoor A. Shaikh, Syed Akhtar and Fakhruddin G. Ibrahim.
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