Loud Thinking

Posts Tagged ‘countries’

Dear Mr. Ishaq Dar,

Your kind attention is invited towards the following news item titled “IMF extends zero interest rates on poorer country loans” published by the daily “Pakistan Today” on 23 December, 2012 detailed news available at the link :- http://www.pakistantoday.com.pk/2012/12/23/news/profit/imf-extends-zero-interest-rates-on-poorer-country-loans-2/

In this regard, as per my many earlier submissions to the PM and the entire nation, I am fully convinced, without an iota of doubt that it is sheer disaster recipe for the Pakistan’s economy, to seek loan (that too on an exorbitantly high rate of 3%) from IMF, to repay their old loan. Moreover, your argument that this was the only option to avoid a default, also do not hold water, as firstly, I have explained not one but many viable options in my earlier communications and secondly, default is better than the destruction of the very foundations of the nation’s economy. Hope you know very well that in the recent past, many countries have bravely negotiated with the international lending agencies and succeeded in getting reduction of up to 60% of their loans.

However, in Pakistan’s case our loan amount is increasing with an unbelievable speed. It was recently reported that when PPP government took over in 2008, our debt liability was $40 billions and now it has increased to much more than $60 billion.

The nations fails to understand that why you remained silent as PMLN’s financial expert and also as a senator, during the PPP tenure, when it crossed the LEGAL and constitutional limit of 6% debt to GDP ratio. This was such a grave violation of the law that had PMLN taken up this issue with the Supreme Court, the PPP government would have been immediately dismissed.

So how can you now absolve yourself from this financial mess, by just saying that you took over the government with nation’s economy in very bad shape?

Also, how can the history exonerate the PMLN in general and Mr. Ishaq Dar in particular, for not playing a pro Pakistan role when the PPP government was playing havoc, with the country’s economy?

As such, Mr. Ishaq Dar, there is only one way of atonement of our past acts of commissions and omissions, by not to further burden the nation’s economy with extremely and unprecedentedly expensive loans of IMF, lest the future generations may not have to say that “لمحوں نے خطا کی تھی صد یوں نے سزا پائ”

Kindly still there is time to explore other options to avoid IMF loan. Nothing is impossible. Where there is a will there is a way.

With best regards,

Syed Nayyar Uddin Ahmad
0321-9402157
Lahore.

Sent from my iPad3 4G LTE

Syed Nayyar Uddin Ahmad was ranked the 30th most networked person in Pakistan on Social Networks: Syed has friends in 52 countries, covering a distance of 3,004,297 Kilometers – How well networked are you? Find out at www.westernunionworld.com/your​world

The statistics of my website www.snayyar.com during the period 15 Nov. 2010 – 30 June 2011, reveals that by the Grace of Allah, it has received hits from 853 cities (from USA alone, 301 cities) of 96 world countries.

“When prices of staples soar, the poor bear the brunt. Without global action, people in poor countries will be deprived of adequate and nutritious food, with tragic consequences….” – Robert Zoellick.

It is a matter of great satisfaction that the world bank’s chief has the realisation of the situation, which (global hunger) now in fact, has become a matter of human rights violation.

In order to avoid the tragic consequences of impending hunger bomb, the following proposal may be considered by the all concerned.

In this regard, It is proposed that all world governments (without exception) must give 50% of the government’s share to the poorest of the poor (right to vote gives them right to govern as well), in their respective countries, just like some countries include on mandatory basis, women & other sections of societies in their parliaments.

Until and unless, those feeling the pangs of hunger, are given a chance to directly participate, in the governance of their affairs, any planning to eradicate the menace of hunger, will be faulty from its inception.