TELECOMMUNICATIONS

closed

The proposed Bank loan would finance the foreign exchange component of extensions to the subscribers outside plant and to the telegraph and telex facilities together with part of the long distance and international networks. It would also cover mechanical aids and tools, power and wiring accessories, engineering and planning services. All equipment to be financed under the proposed bank loan will be procured on the basis of international competitive bidding from external sources of supply. The TDM is capable of carrying out the proposed expansion and is well prepared to operate the new facilities. However, its system of accounting, maintained in accordance with present Treasury regulations and budgetary procedures, does not provide adequate financial information and meaningful financial data essential to efficient management of a rapidly expanding revenue earning public utility.