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Will IMF sweet sour pills breathe a new life into the terminally ill Pakistan economy? [Issue
Date: Friday, November 14, 2008]
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The reason--Pakistan is facing so many difficulties in getting international aid and attracting so little investment is that there is a crisis of confidence worldwide in the current leadership of Pakistan – not in Pakistan itself as a country. As I have said before and I will say it again there is a general impression abroad that a fox has somehow maneuvered itself to become the guard-in chief of the chicken coup of Pakistani governance -- by zigzagging on a road of ‘cleverness’ littering it with the debris of false promises, outright lies, given words taken back, signed agreements made worthless overnight -- cheating the coalition partners and indulging in outright illegal and unconstitutional acts – right before the very eyes of an incredulous watching world – a world that was happily getting ready and willing to help the nascent democracy after 8 years of a greedy depraved dictatorship -- but changed its mind. In Pakistan, unfortunately, it is easy to reach the pinnacle of power either through the power of the bluster or by the power of the deceit. A government backed by gun may give the investors a false sense of security and stability, but a government headed by a so-called reformed swindler does not generate fiscal confidence – unfortunately.
If I may be excused for being a little too graphic – the way -- Mr. Zardari hoodwinked Musharraf in getting himself pardoned – only to kick Musharraf out for his unpardonable unconstitutionalities of November 3 --and then turning around and keeping for himself all of Musharraf’s unconstitutionalities of November 3 – only to devour it in broad day light before the unbelieving eyes of the entire world. It is only natural that the whole investing vulture world will become wary of a new wily carrion-eater suddenly appearing on the block with the mouthful of a dictator's kill. Did Mr. Zardari really believe that his presidential shenanigans will go ‘unnoticed’ abroad? Keeping the real CJ Iftikhar Chaudhry -- out of the original chief-justice-ship -- thereby depriving the country of a truly independent rule of law judiciary--a primary prerequisite for foreign investors for the safety of their investments --by not restoring the Nov 2 judiciary – was the Mother of all the ‘cleverest’ blunders Mr. Zardari has committed or will ever commit -- it soiled his nascent born-again image right at the very outset. To the shrewd investing world of the modern days of economic uncertainties with the scarcity of capital -- it showed that under the sheepskin of a national re conciliator there might still lurk a cunning wolf that no Goldilocks of investment worth the salt will touch with a ten feet pole.
Is it any wonder that no friends of Pakistan are coming forward to part with their money and put it in the trusting hands of Zardari sahib -- unsupervised and un-chaperoned? The problem is the more Mr. Zardari runs the lavish junkets to foreign lands and the more he opens his illiterate mouth in public forums abroad shamelessly pimping terrorism in Pakistan for money abroad -- the more he makes the foreign investors queasy about unsupervised investing in Pakistan – hence the IMF. I don't want to deflate the egos of Janab Zardari sahib and that of his potted plant prime minister – but the speed with which they are spending the public money and making a horrific exhibition of it for the cautious investment world to see -- they are the ones that are almost solely responsible for the sudden drying up of the aid and investments money for Pakistan from all around the world. I hate to say this but one of the biggest mistakes the ill disciplined unqualified Zardari sahib may have made, when he chose to become the president of Pakistan through openly devious means -- an indiscretion that may not hurt Zardari sahib ‘reputation’ as much as that of Pakistan as a financially solvent, fiscally disciplined, rule of law country. Today, Pakistan has no choice but to pay the price -- in being blinkered, saddled and ridden financially by the IMF for another decade or two making the miserable life of Pakistani ‘Awaam’ more miserable in future than what it is today.
NASAH |
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I understand that Pakistan needs finances. Look at the plight of Pakistani stock exchange. Small investors are completely sacked. Investors are facing financial hardships. Friends of Pakistan refused assistance and only option is IMF. It is not new to Pakistan. Unfortunately, Pakistan maintained its existence due to these loans.
Tahir Jamil |
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Where are those now, who advocated for democracy during the rule of Gen. Pervez Musharraf. They spared no occasion to criticize him, while he was thousand times better than these corrupt politicians. They should now lick their words. What Pervez Musharaf earned during his 7 years rule, looted by the democrats in just seven months. Pakistan is now in the ICU and life saving drip is coming to be injected to it in order to survive for another few years. May be another Pervez Musharaf will come again to make it stand again on its feet, but the demagogues will again come to front and will advocate for the sham democracy.
Nazeer Khan |
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Well, what kind of utilization from our leader can be expected after getting loan from IMF? Simply they will prolong their lavishness lives. It is the old style of our decree. Our leader can enjoy privileges and perks only rather than to give a touch to nation's problems. Their slogans are limited only to condemn US attacks and present themselves before the electronic media in glamorous style. It is lamentable and painstaking that minister swarm has been hired and feeble public is even crying to meet basic necessities. It is height of bad luck that we are unable to introduce new face since the existence of Pakistan. I am certain, its not un-expected, just history is repeating itself. Whoever will swear in, loot the money policy. Surprisingly, even PML-N is not agitating. Yes, why they should. They have to take worry about Punjab reign and they know agitation before ruler birth, what kind of result, as Mr. Iftikhar, CJ is the crystal clear example. Secondly, agitator against truth in Pakistan is declared filth of earth. So, just silent everybody, suppose it is a natural occurrence and pray to Allah.
Rana Atiq |
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It has now been decided and agreed that Pakistan borrowing the loan from IMF as per their conditions and restrictions. This is the responsibility of the related government authorities and parliament public accounts committee to closely watch and monitor the utilization of the funds that where it has been placed and for what purposes by keeping update to the nations on monthly basis. If they don’t, then the nation and media will not excuse them.
Syed Ashraf Ali Rizvi |
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NO... no way. It will be naive to think that IMF will bail out pakistan from its problem. Our problem is our leaders and IMF vaccine provides further life support to such leaders.
ehsan chughtai |
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Can someone tell me why truncated Pakistan is begging IMF for additional funding? Truncated Pakistan should now have a better economy since it shamelessly cut loose eastern part in 1970 and every one of you truncated Pakistanis was happy that "bhooka nanga Bengalis" are lost forever. Well, keep heart because in a few years, perhaps within two years, truncated Pakistan will be additionally truncated and you will no more have the people from FATA and Balochistan to worry about, as the Northern areas will eventually cut themselves loose from the yoke of your slavery. Sub-truncated Pakistan will be confined in Punjab and Sindh and you guys can have Zardari forever as your leader, who will doom you and your country to hell.
Jafar Khan |
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Loan from IMF will further bury Pakistan into estimated debt of 50 billion dollars. It would be impossible for Pakistan to repay this debt even in 50 years or more. The Pakistan economy is in dire state. GDP is in negative, industrial growth static, export orders falling, money being transferred to foreign countries and investments stand at zero. Pakistan may have sufficient money from IMF to pay salaries, service charges and minor development plans. For how long Pakistan will spread hands before the Friends of Pakistan and other donors. Eventual bankruptcy and written off the loans by the lenders may be our fate. God may save us from this humiliation.
DR NASIR AHMED KHAN OF TELFORD |
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We are back from where we started. The looters are back with a bang. This time, they had joined hands. They are begging in our name, but for their own sake. We all are responsible for this, as we selected them. Those who don’t learn from history will have the same fate. Now, whether it is sweet or sour, we all have to swallow. May Allah give us the strength to change the things; we can and accept the things; which we can’t and the wisdom to know the difference.
AnsaarurRehmanAbbasi |
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I wonder what kind of tomfoolery this so-called elected government with heavy mandate is indulging in. Our so-called professional finance advisor, de-facto finance minister in a public statement says to start with, "We need $3-5 billions.” One of my friend a very seasoned businessman and honorary Councilor, said, "Does Tarin think $2 billion is chicken shit, is this statement of a professional financial expert holding top slot in our country or brag of school or college student?" Now he says IMF has agreed to give us $7.6 billion without conditionality? Can we believe it? Our P.M Gilani said in a public address, "I leave my job, if someone is ready to take my heavy load. Col.(R) Jafri in an open letter in The News, Nov.16, 2008 has volunteered to take over the load with commitment to do better. Our President Zardari went to Saudia with an entourage of 240 stooges and was not extended the courtesy, normally meant for Pakistani head of states as reported by Ardeshir Cowasjee in his column, "The multiplying zeros", where are we heading to?
M Saleem Chaudhry |
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