A great Synopsis on Mush govt Failures...

Its seems the chorus of criticsm never stops… How myopic does one have to be to conitue to support this corrupt and incompetant dictator and his chamchas!!!
http://www.dawn.com/2008/01/27/ed.htm
Time for an economic U-turn

By S.M. Naseem

WHILE the political failure of the Musharraf regime is now being accepted widely in the country, the claim for its survival and perpetuation is being staked on its dubious economic achievements during the past eight years.

Ironically, while the political U-turn that Musharraf took seven years ago, may be difficult to reverse, the time for an economic U-turn the country has avoided for so long may now have come.

My esteemed friend and former colleague, Professor Aly Ercelan, who has made an admirable transition from the academia to social activism, not unlike that of his more renowned Vanderbilt contemporary, Nobel laureate Yunus, without giving up his forte of rigorous analysis, has forcefully exposed (Dawn, Jan 19.) the thin veneer of ‘success’ that has been achieved in recent years (as epitomised by the ice-cream-pizza-hamburger consumerism, the bank-credit financed automobile explosion and the LBOD-Chashma-Tarbela-Gwadar mega project development strategy) and its impact on the poor.

The atta crisis is just the tip of the iceberg which has resulted in our titanic economic failures. As the economic shipwreck hovers on the horizon, the embattled crew is busy arranging the deckchairs to assure the passengers that it is nothing but a passing turbulence in the sea. What is really surprising is that the regime and its supporters not only continue to be in denial about the looming disaster, but that the president has made it a prerequisite for future governments to adhere to the continuity of policies that have been its genesis.

The general (retd)-president has embarked on an eight-day largely self-imposed, politically-motivated European tour, including Davos and London, to underline his key role as the guarantor of the flawed western agenda of globalisation in Pakistan. He would try to convince the Davos crowd that, without him, Pakistan will not only become a political, but also an economic disaster. A major aim of the trip is stated to be ‘image-building’ and there are no prizes for guessing whose image is at risk.

With the Bush administration already having given him the assurance that his services will continue to be needed in the war on terror, he hopes to somehow extricate himself from the external and political pressures mounting on him to give up the reins of government to ensure credible elections. Whether this gratuitous foreign tour in the midst of a critical period of extreme uncertainty and insecurity in the country, is based on false bravado or complacency, the future alone will tell.

Although Pakistan’s economic development since the Ayub years had been based on elitist and inegalitarian foundations, there was some moderation in them during the ‘democratic interregnum’ of 1972-77 and 1988-99, forced by the need to adopt populist policies in an electoral democracy. That desirable course was reversed and pushed back by the now-retired Gen Musharraf towards the Ayub era of the 1960s, which for all its faults had at least a modicum of economic rationale behind its development strategy, and failed largely because of its inability to get a majority of the population living a thousand miles away from the centre, into the loop of a virtuous circle of growth.

The Musharraf years have been bereft of any economic vision, other than the regime’s focus on reviving the economy through the largesse received from the US and other western countries in lieu of services rendered during the war on terror and the distribution of the benefits of the windfall among the regime’s political allies. The underlying socio-economic philosophy of the Musharraf-Shaukat Aziz era was callous towards the poor and obliging towards the privileged.

A fundamental tenet of this tunnel vision has been the almost total withdrawal of the state from its economic and social responsibility, including the provisioning of essential commodities and utilities, as succinctly pointed out by Ercelan. However, the distinctly militarist character of the regime so conspicuous in its political agenda has been equally transparent in its economic programmes.

While profitable public enterprises, such as Pakistan Steel Mills and Pakistan Telecommunications Corporation have been cheaply privatised after being run down by the meddling of the government in their functioning, the military-run commercial enterprises were continually strengthened and kept out of the pale of privatisation.

Luxurious housing complexes, including farm houses and shopping malls, have been developed around major metropolises by the defence housing authority through the acquisition of land from small farmers and transfer of the acquired land at below market prices to military personnel. The military also gave a shot in the arm to feudalism by evicting farmers on its land.

On the other hand, no serious attempt was made to provide affordable housing to the poorer sections of the population, the cost of which along with that of transport, constitutes an increasingly high proportion of their budgets, making it impossible for them to cope with the rising prices of food and fuel.

While the poor stand in long queues outside under-stocked and poorly-managed utility stores (which fail to cater to those who can’t afford to buy 20kg bags), the well-heeled and privileged buy their provisions from defence canteens and department stores, providing fuel to the fire of disgust, anger and violence.

Along with the military, the foreign aid and loan dispensing agencies have encouraged the privatisation of social services, especially education and health. Poverty alleviation programmes, allegedly ‘home-grown’, were meant mainly as a sop to insistent donors and were bureaucratically-run, with minimal impact on poverty reduction.

A major problem with the assessment of the economic performance of the Musharraf years has been the credibility of the data used for measuring economic growth and poverty alleviation. Despite repeated calls by economic experts for creating an autonomous statistical commission to ensure the quality and reliability of economic data, the government has continued to doctor the data to suit its political ends.

The tall claim of economic resurgence, made on the basis of high foreign exchange reserves and high GDP growth rates is now under serious doubt, as the macro-economic situation (on which the recent quarterly report of the State Bank has raised alarm bells and that poverty reduction and social indicators and the shortfalls in MDG targets indicate) has been rapidly deteriorating in the past few years.

If US foreign aid and foreign direct investment, which have provided artificial respiration to the economy, also react adversely to the worsening perception about the Musharraf regime, worse could follow.

Before it becomes too late, the doctrine of continuity of economic policies should be buried, along with kindred doctrines of necessity, indispensability and unity of command, which were forced down gullible brains in the last eight years or more. The time for taking roads not treaded for fear of upsetting the status quo has come.

The writer is the author of “The Unravelling of the 9/11 U-Turn”.

[email protected]

http://www.dawn.com/2008/01/27/ed.htm

Re: A great Synopsis on Mush govt Failures...

Mush could have done so much for Pakistan, such a shame he has turned out to be such a corrupt and inept politician

Re: A great Synopsis on Mush govt Failures…

Ooh My God, whole Pakistan hate this man. Everything is going towards down. Oh my.. what to do. Lets debate on forums. :rotfl:

Re: A great Synopsis on Mush govt Failures…

Which is exactly what you do

Typical hypocrisy of dictator/MQM wallahs :rolleyes:

Re: A great Synopsis on Mush govt Failures...

Does this mean great President Musharaf's days are numbered? :)

Re: A great Synopsis on Mush govt Failures…

No no, everything is hunky dory, honey and milk is flowing, bombings are in India or Afghanistan… lets rejoice on forums :k:

Re: A great Synopsis on Mush govt Failures...

^^ only one line: Pakistan is far better then previous rules.

Re: A great Synopsis on Mush govt Failures…

yep… no bombings :aejaz:

Re: A great Synopsis on Mush govt Failures…

That’s absolutey right. Thanks to the great President Musharaf and his govt. Pakistan has seen Unprecdented Growth, and a for the first time in its history an elected govt that has completed its full term. Long may the growth the continue. :k:

Re: A great Synopsis on Mush govt Failures…

What do we want to debate? Debate lies? :halo: His article is full of lies and shows his intellectual standing and people he is addressing. Obviously a clever person would not lie blatantly in newspaper than expect to be taken seriously :slight_smile: I think only idiot would take a blatant liar seriously :rotfl: Don’t you think so?

Political failure … economic U-turn .. What a crap … seems this guy is on Hafeem (opium) :). He could not see political success and economical U-turn Pakistan experienced during last 8 years :slight_smile: It shows that he is not only blind but one that also has no brain … and could not see obvious.

Problem is that such crappies do not think that others can think, hence they expose their idiocy openly in newspaper, expecting that ignorants that may by any chance read them would not see that they are writing lies and BS.

I won’t go into details as what he wrote is nothing but a collection of lies and tons of BSs and to comment on BS is taking an idiot seriously. I know that some propagandist would think that I am just trying to cover things up, but I am not. Even though all his post is lies, just for their sake, I would pin point such an obvious lie from his article that even an empty brain would see it (unless their brain is not just empty but there is something else in their brain).

Pakistan Steel Mill is not even privatized and this idiot thinks that it is privatized (unless I missed something) … :rotfl:

[Though if it would have got privatized, it would not have been cheaply, but still … it shows ‘S M Naseem’ mental state and knowledge that he thinks Pakistan Steel Mill got privatized :)]

Pakistan Telecommunications Corporation is cheaply privatized. What an idiotic statement as only idiot would think that PTCL was privatized cheaply :). Actually, Pakistan robbed Etisalat (UAE) selling them 26 percent shares in PTCL at for 2.6 billion dollars (shares that at time of privatisation was worth around half what Pakistan got, and today it is worth $800 million … or 30 percent of what Etisalat paid).

This is the privatization details of PTCL by this government (now let see how many people would consider that it was cheaply privatized):

When Musharraf government came to power (1999):
PTCL was trading at around Rs 15 (this was situation when Nawaz left).

When it was partly privatized in mid 2005 (26 percent shares of PTCL): PTCL share open market trading price = Rs 67 (that was hyped price before privatization)
Government reserve price was Rs 62 per share.

[At that time, PTCL needed investment and there was also lot of over staffing and corruption in the company. It was expected that new management would bring new investment and that would increase profitability and share price of the company, that in return would increase dividend and taxes to government plus increase share price would make government held share more valuable]

Three bidders made bid for 26 percent share:

Sing Tel (Hong Kong) that made a bid with price of Rs 52 per share
China Mobile (China) that made a bid with price of Rs 63 per share

**Etisalat (UAE) **made a bid with price of Rs 117 per share (compare to market price of Rs 67 and bid reserve price of Rs 62)

Etisalat won the bid.

[Funny thing is that after bid, Etisalat realized that they paid too much and wanted to not take up the company and was willing to lose their $40 million earnest money they deposited as requirement before bidding … instead of paying $2.6 billion ($2600 million) for 26 percent shares of PTCL.

Later government had to push Etisalat (and UAE government) to take over the company and pay the bid price of $2.60 billion for 26 percent share of PTCL]

Today: PTCL share can be bought in open market at Rs 38 per share.

If this idiot thinks that PTCL was sold cheaply, he should return Etisalat their $2.6 billion and take back all shares Etisalat holds. I am sure that Etisalat would be more than happy to return those shares even at half that price as the share they hold is worth 800 million dollars in open market or 30 percent what they paid.

Actually, all world at the time and even now thinks that Etisalat paid too much for PTCL .. except maybe this funny idiot :).

Etisalat invested a lot on PTCL and even than the company is a ‘White Elephant’ for Etisalat because of all consumers and workers safeguard Pakistan has imposed on Etisalat.

Re: A great Synopsis on Mush govt Failures...

My Goodness, yet another monster post, doesn't this Saleem guy have any homework to do??

2 Likes

Re: A great Synopsis on Mush govt Failures…

:hehe:

Re: A great Synopsis on Mush govt Failures...

Saleem bhai, kuch to rehem kare hum par. Kon pare ga yeh subh?!

Re: A great Synopsis on Mush govt Failures...

Saleem Bhai is great, one of the best thinker and analysts i have seen. :)

Re: A great Synopsis on Mush govt Failures...

Kyun?! Isliye ke wo analysis aap ke liye suitable hai?

Re: A great Synopsis on Mush govt Failures...

Nahi jee, whatever the issue we discussed his reply is always throughly researched. Am i wrong ?

Re: A great Synopsis on Mush govt Failures...

I think his post are more than analysis...and then you can cut 80% of the context to understand the real meaning, which is mainly his own opinion. So posting only his opinion would be better backed by a few examples/arguments.

Re: A great Synopsis on Mush govt Failures…

Excellent post. You certainly know your facts.

Re: A great Synopsis on Mush govt Failures…

:omg: