DATE=9/2/1999 TYPE=CORRESPONDENT REPORT TITLE=PAK / BANK DEFAULTS (L ONLY) NUMBER=2-255772 BYLINE=AYAZ GUL DATELINE=ISLAMABAD CONTENT= VOICED AT: INTRO: Pakistan's military ruler, Pervez Musharraf, on Wednesday warned those who have defaulted on bank loans that they could face criminal charges if they don't pay back the loans by November 16th. Ayaz Gul has a report from Islamabad. TEXT: After the November 16th deadline, General Musharraf says, a crackdown on those who have defaulted on bank loans will begin. In an interview with Pakistan's official news agency, Associated Press of Pakistan, the military leader says that those found guilty of financial wrongdoing risk being sent to jail. And General Musharraf says he does not rule out the possibility of disqualifying those who fail to pay their bank loans from holding public office. Many of those who have defaulted on loans are high- profile politicians who owe more than five billion dollars to state banks. The military took control of Pakistan last month (October 12th) after ousting Prime Minister Nawaz Sharif from power in a bloodless coup. The deposed prime minister, now under detention, is among those being investigated by the military regime for alleged corruption. Pakistan's opposition parties accuse Mr. Sharif of indulging in corrupt practices while in power. Mr. Sharif denies the charge. Meanwhile General Musharraf says he is reluctant to give a time-frame for restoring democracy to Pakistan because - in his words - there are so many issues to be addressed. Soon after taking control, the general listed his priorities as reviving the ailing economy and providing an honest political system in the country. . According to a recent international survey, Pakistan is the fifth most corrupt country in the world. (Signed) NEB/AG/KL 03-Nov-1999 12:10 PM EDT (03-Nov-1999 1710 UTC) NNNN Source: Voice of America .