Case for Pakistan Debt Write-off
Posted by Syed Nayyar Uddin on November 16, 2010 in Pak Loan Write-off |
Senate of Pakistan has passed a resolution calling for writing off of entire debt of Pakistan. President, PM & Interior Minister Mr. Rehman Malik, are on record, demanding loan write-off for Pakistan. Also, Oxfam has campaigned internationally for write off of Pakistan’s debt.
However, our worthy Finance Minister, Hafeez Sheikh has the guts to say that Pakistan will not seek debt waiver. And in fact, he is negotiating more & more loans for Pakistan.(Why stars should then be thy friend’s enemy? Huway Tum Dost Jiskay Dushman Uska Aasman Kuion Hoo.)
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our respected leaders have the habit to write off their own loans, as published in news papers.
In financial history of the world, every loan has been disbursed under the concerned surety of the foreign country, as well as concerned country’s commitment to pay off the loan; within the stipulated time period, as mutually agreed in terms and conditions of the said loan.
Instead of requesting its write-off they should minimized their non-developing expenditures up to the maximum level, in order to stabilize the national economy.
I could never understand what gives these peoplr authority to ask and go ahead for internal and external loan.
How can some one ask for and get the loan when he is nor responsible to pay-back.
Their should be some mechanism where any loan request be passed through floors of National Assembly and Senate.
How painful and unfortunate is the system where, President desires, Prime Minister nods and Finance Minister prepares and forwards the formal request. Money funnels through mysterious hand and vanishes. Politicians in Government and opposition alike (Looters in Pakistan’s case) share the booty. Country becomes indebted by further billions. No questions ever asked.
Does any one in this democratic country has a sense or voice ?
How can you do that, you can not restrict yourself from over-spending, the extravagence, the corruption, the feudals not paying taxes, the industrialists not paying, the army is gulping 441 billion per annum and other military businesses “circumcizing” the country, what are we gonna do???
keep it up because without the internet is definitely lacking in intelligence