Pakistan seeks emergency payment from etisalat

20 June 2010

The Pakistan government is seeking an emergency payment of at least $500m from etisalat, which holds a large chunk of shares in Pakistan Tele-communication Company Limited, Gulf News has reported, citing a report by a local newspaper. Quoting an unnamed senior official at the Finance Ministry, the report said the money is needed to avoid a breach in the current year's fiscal deficit target. In return, the government has made a firm commitment to etisalat to transfer all the company's properties to the new owners within 10 days, the official was quoted as saying.

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