Islam & Pakistan! Technology & Me!
Posts tagged crisis
Economic Crisis – Only if we hadn’t ignore Jinnah
63 years ago
By Arsalan Tariq Mir
Friday, 26th December – 2008
While searching for the great Quaid’s speeches on the eve of his birthday I came across this last speech he delivered 2 months before his death. After reading this I understood the real cause of economic crisis we face today, which was well-known to the Quaid-e-Azam on the inauguration of the State Bank of Pakistan.
Quaid-i-Azam’s Speech on the occasion of the Opening Ceremony of The State Bank of Pakistan on 1st July, 1948.
“Mr. Governor, Directors of State Bank, Ladies and Gentlemen.
The opening of the State Bank of Pakistan symbolises the sovereignty of our State in the financial sphere and I am very glad to be here today to perform the opening ceremony. It was not considered feasible to start a Bank of our own simultaneously with the coming into being of Pakistan in August last year. A good deal of preparatory work must precede the inauguration of an institution responsible for such technical and delicate work as note issue and banking. To allow for this preparation, it was provided, under the Pakistan Monetary System and Reserve Bank Order, 1947, that the Reserve Bank of India should continue to be the currency and banking authority of Pakistan till the 30th September, 1948. Later on it was felt that it would be in the best interests of our State if the Reserve Bank of India were relieved of its functions in Pakistan , as early as possible. The State of transfer of these functions to a Pakistan agency was consequently advanced by three months in agreement with the Government of India and the Reserve Bank. It was at the same time decided to establish a Central Bank of Pakistan in preference to any other agency for managing our currency and banking. This decision left very little time for the small band of trained personnel in this field in Pakistan to complete the preliminaries and they have by their untiring effort and hard work completed their task by the due date which is very creditable to them, and I wish to record a note of our appreciation of their labours.
Zardari on his way out!
13 years ago
The following column was published in many leading newspapers of the world. Written by Laura King, it highlights the problems and challenges the President of Pakistan faces. What I make of it? That Mr. Zardari is on his way out! This government has pushed the people of Pakistan to the wall and a backlash is evident.
Long Live Pakistan!
Zardari’s crisis leadership questioned
By Laura King,
Los Angeles Times-Washington Post
Islamabad: A year ago, Asif Ali Zardari was a political footnote. He was best known as the corruption-tainted, polo-loving husband of Benazir Bhutto, the charismatic former Pakistani prime minister who appeared poised to make a dramatic return to power.
Now Zardari, who took over leadership of Bhutto’s party after she was assassinated in December 27 and became president three months ago, finds himself head of state at a time of extraordinary turmoil, even by Pakistani standards.
Stung by Indian accusations that Pakistani militants played a leading role in last month’s terrorist attacks in Mumbai, India, the country has responded with an outpouring of nationalistic sentiment.
For the moment, that sense of affront and grievance is uniting Pakistanis of all political persuasions, but many analysts believe it could eventually backfire on Zardari.
A tough stance
To please a domestic audience, the 53-year-old president has taken a tough stance toward India, refusing to hand over suspects sought by New Delhi and expressing skepticism that the attacks emanated from Pakistani soil, despite mounting evidence from Indian investigators and Western intelligence.
Time to go solo: Stop Begging, Start Building!
23 years ago
By Laila Sohail
Saturday, 29th November – 2008
The economic crisis has taken us exactly where it was expected…straight into the account books of the big bosses at the IMF We may be told that it’s a do or die situation, but there are options available. We should first get the IMF off our back, and then work on our own development programs. What Pakistan needs right now, is an out of the box solution…and some courage.
The IMF is going to bail us out with 7.6 billion dollars. The interest rate is going to be between 3.51% and 4.51%, but an official announcement is yet to be made. Apparently that’s it. We take $4bn this year, $3.6bn the next, and repay it by 2016. Or at least that’s the part we are told. According to speculations, the deal comes with an implicit price. A 30% cut in the defense budget is demanded. Other cuts may ask for reducing the number of pensionable posts in the government and semi government departments, devaluing the rupee, increasing sales tax by Rs 50billion, and imposing a 7% tax on agriculture.25% of government assets may be kept as mortgage, and the future annual budgets may now be prepared by the IMF and not the Ministry of Finance, so now it is not only at the borders where our sovereignty is compromised.
There are also concerns about the very reasons for going to the IMF. The notion being that the whole economic crisis was exaggerated so as to leave no other options open. The IMF hawks want us to go under, America wants us to go under…and now the government wants us to go under. It may be the last nail in the package to ensure that even the economy is no more independent.
It does not really matter what the intentions of the IMF are. The fact is that the Fund is not a charity institution. Regardless of its noble claims of strengthening countries, it is at the end an institution working in its own interests, and one should not be naive enough to either deny or criticize that. The loans may be meant to stir up the economy, but history has shown us the failures of this policy. One can not blame the IMF for our own ineffectiveness. Borrowing to develop, and then borrowing again to finance the previous borrowing, is a policy that can now safely be called a failure, as we have no development, but only borrowing bills to show for it. (more…)
$100 million for BB’s UN Probe
11The Pakistan People’s Party demanded an International investigation after the assassination of former premier, Benazir Bhutto, when they were not in the government. That demand was not fulfilled.
A logical explanation at that time behind this demand was distrust in the previous government. But after taking over the government, all institutions – security and investigations included – fall under the new government. How do they justify it now? (more…)
The right way out: Putting a full-stop to this political crisis!
403 years ago
You have all been witness to an absolute chaotic situation that our nation has been grappling with ever since the imposition of emergency on November the 3rd last year. I am not here to justify the steps taken by the President, nor do I favor those who exploited the wrong decision. I speak on neutral grounds, as a patriotic nationalist, a Pakistani who wants an end to this circus!
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