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Pak Economy
Pakistan is going through one of the worst economic crises of its history. Though the government is trying its best to bail the country out of it but the prospects look bleak. The way the Foreign Exchange reserves are dwindling at an alarming rate of almost a billion dollar a month, the conditions might worsen further in the very near future. Some fear that we might not have even enough to meet our regular import bill of oil and petro-chemicals so crucially needed for the industry and automation. This could in turn snowball into a vicious circle and affect the production, employment and exports "“ causing further loss of revenue and increase in poverty. Such a dire situation leaves us with no choice but to embark upon a bowl in hand begging mission, which is precisely being done by the president, the PM and the Financial Advisor. The much trumpeted consortium of fifteen or so "Friends of Pakistan' have put their hands up due to their themselves being cash strapped and have proffered aid in kind only. China the time tested friend is the only one who has promised some 400 millions dollars against the minimum of 4.5 billions required in the next thirty days. The ADB, the World Bank, the Islamic Development Bank and the dreaded IMF - notorious for its excruciating terms and conditions - are the last hope for the survival of the proud 170 million Pakistanis of the 7th largest state of the world and the only Muslim nuclear power!! What a shame for such a nation? We have the world famous (or notorious) forty families and about 4,000 other not so famous families with the TRILLIONS stashed away in the foreign banks. Ironically, they are never tired of calling themselves proud Pakistanis. Can't they rise to the occasion and come to the rescue of the motherland when it needs them the most? No body is asking them to part with their ill-gotten or honestly earned monies. All that is required of them is to bring their huge funds back to the country. The other day an Indian doctor abroad told his Pakistani colleagues there that the day your leaders felt patriotic enough to keep their wealth in their own country, Pakistan's problems would be over,
Will our leaders, politicians, ex-generals, businessmen, industrialists, realtors and bankers etc. please listen to the advice of the Indian doctor? Aren't there any among them to prove themselves to be the real Proud Pakistanis by repatriating their foreign funds into the banks in Pakistan?
Truly
Col. Riaz Jafri (Retd)
30, Westridge-1
Rawalpindi 46000
Tel: (051) 546 3344
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