Loud Thinking

IMF and the West are treating Pakistan like a conquered country.

An Urgent Open Letter to the PM Pakistan

H’able Mian Nawaz Sharif Sahab

Salaam.

As has been reported in the media, now a days, an IMF delegation is visiting Pakistan to offer fresh loan of $5 billion, to be mostly utilised by Pakistan, for the repayment of old IMF loan.

It is very surprising that your government is NOT working on the lines, to ask the IMF to have a heart and be patient with our loan repayments, considering the fact that Pakistan has been totally destroyed, during the last 15 years of war on terror, jointly fighting with 49 NATO countries, as a major non NATO ally. Moreover, this war has inflicted more men and material losses on Pakistan than the combined losses of the 49 NATO countries. As such, Pakistan has a right to be given some moratorium in its repayment of IMF loan. Even otherwise, Pakistan has already repaid more than the entire amount of the loan by partnering the West in its WOT; and also by not demanding any penny from the NATO for the military overflights to and from Afghanistan.

Mr. Prime Minister, every student of economics knows that never to use good money to recover bad money. Hence, there is no logic in seeking fresh loan to repay the old loan. This is a sure shot recipe for disaster. IMF should be clearly told that Pakistan was well within its rights, to have asked for the write off, of the remaining unpaid amount of their loan. However, what we are seeking is just a moratorium.

Pakistan can not afford to pay IMF’s remaining loan, over the peril of its economic demise.

In this regard, you may also order the foreign office to contact all the 49 NATO governments, to extend moral and financial support to Pakistan, so that we are also able to strongly look after their interests, in providing all the necessary facilities to their troops in Afghanistan. The USA and the NATO should also be reminded that Pakistan is not charging a penny for their military overflights, for which they offered $20 billion to Turkey, during the last Iraq war.

As such, Pakistan’s whole hearted cooperation in the WOT, deserves matching reciprocal response, in the shape of using their influence in IMF, to facilitate Pakistan, by way of at least 20 years moratorium, in the IMF loan repayments.

Just for your information, I am reproducing below my 6 questions to the then finance minister of Pakistan, which remained un-replied till date, but are an eye opener, that how Pakistan was plundered by the past government.

Sir, I apprehend that Pakistan is being forced to pay back the loan with PENALTIES for NOT utilising the sanctioned amount of $11.3 billion IMF loan.
Remember, we got only $7.6 billion from the sanctioned amount. As such, IMF and the West are treating Pakistan like a conquered country, rather than a major non-NATO ally in the world war on terror (WWOT).

My un-replied email of 14 October, 2012

Subject: Mr. Abdul Hafeez Sheikh Sahib Kindly Provide the Information About IMF Loan & Etisalat Overdue Payment

1. Pakistan is repaying $7.6 billion to the IMF. Did we receive exactly this much amount or the total sum was less than this figure?

2. How much amount of interest Pakistan will be paying over the principle sum of this loan of $7.6 billion from the IMF? Or the IMF will be charging interest on the whole sanctioned amount of $11.3billion?

3. Did Pakistan pay and what was the total bill for the traveling, boarding and lodging of IMF delegations’s recent visit to UAE, for discussions with our economic team?

4. Besides the interest, how much service, handlers commission and or other charges were deducted by the IMF, on its loan of $7.6 billion to Pakistan? V V important question.

5. How much service charges or penalty was charged by the IMF to Pakistan, for not utilizing or obtaining the remaining $3.7 billion amount, from the originally sanctioned loan amount of $11.3 billion; because Pakistan got only $7.6 billion from IMF?

6. When will Pakistan get its overdue payment of $800 million from the Etisalat Telecom, which is controlling the whole PTCL management and other affairs, with a minority share holding?

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Mr. Prime Minister, while concluding, I must say that as a statesman, you have to keep in mind, the impact of your current decisions and actions, on the future generations of Pakistan; so that the posterity remembers you as leader, who pulled this country from the abyss, like Mao tse tung and Kemal Ataturk, rescued their nations from much worse situations.

Wishing you Godspeed in your endeavours to serve Pakistan, in a befitting manner, so that you will be remembered in the annuls of history, as a saviour of Pakistan.

With Best Wishes and Kind Regards,

Syed Nayyar Uddin Ahmad
Lahore.

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