Campaign to get rid of foreign debts

INSPIRED by the front-page special editorial penned down by the Editor-in-Chief, which appeared in this paper on August 30, a group of public spirited citizens on Monday formally launched a public campaign to rid Pakistan of the debilitating foreign debt currently amounting to over 53 billion dollars. Speaking on behalf of progressive parties, students, intellectuals, trade unionists and the civil society, a trade union leader said at a news conference in Islamabad that in view of the large-scale devastation caused by floods the country was no more in a position to repay its debts, which should be written off and those who want to help Pakistan should extend grants and not loans.

We believe that this is highly laudable move that needs to be fervently supported by all patriotic circles, as this is the only way to address the financial and economic woes of the country on a long-term basis. It is, however, ironical that as the people of Pakistan are thinking on these sound lines, the Government of the day seems to be devoid of any long-term vision as, according to reports, it is considering to seek from the IMF just a one-year moratorium on a $1.2 billion repayment during this fiscal year in view of the financial pressure. What a sharp contrast in thinking and short-sightedness on the part of our planners and economic managers? The one year delay in repayment of debt that we owe to the IMF would mean nothing and in fact add to the miseries of the people and the country as they will have to spare huge additional resources for the gigantic reconstruction task for years to come. How the country is going to pay the accumulated debt after one year? We would urge all the stakeholders and by all stakeholders we mean everybody and anybody who is living in Pakistan, has its National Identity Card or green passport to become part of the campaign to get rid of huge foreign debts. This is because we firmly believe that the country would get favourable response from the members of the international community in the backdrop of sympathy wave that sweeps across the globe because of the havoc wreaked by unprecedented floods. But this will need an orchestrated and well-conceived campaign, prepared on logical grounds, and its presentation in a convincing and effective manner before the world community. If the Government lacks such a vision then it is the duty of our national leadership like Mian Nawaz Sharif, Imran Khan, Altaf Hussain and Munawwar Hassan to render this great service to the State of the Quaid.

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on Sep 1 2010. Filed under Pakistan. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.