Shakeel Akhtar through his letter in different newspapers says that earlier the government floated US$ 500 Million Euro Bonds and now is floating Islamic bonds of same value. He adds obviously all this involves huge commission paid in foreign exchange to western Banks for publicity and sale followed by hefty interest to foreigners on maturity. He questions why not to make amendment in Protection of Economic Reforms Act so that Overseas Pakistanis and local Pakistanis who have shifted their foreign exchange abroad may bring this to the country.
Answer to it is very easy. By floating the same Bonds to Overseas Pakistanis some vested interested would be deprived of luxurious foreign tours undertaken for negotiations and making arrangement with foreign Banks, “Commissions” and this and that. Secondly it will, tough to a little extent, would delay the process of enemity towards Pakistan namely that in case these Bonds are given to Overseas Pakistanis the money would mostly remain in Pakistan and would not flow out (repatriated) making the country bringing the stage to restart getting loans from IMF etc.
Three years back US Ambassador in Pakistan stated Overseas Pakistanis had more than 10 Arab dollars abroad. His words of course for us today are sacred words. Hence there should not be any doubt on this figure which by now must have increased. The Overseas Pakistanis Minister in December 2004 during his Middle East tour addressing the Pakistani community told that first time in Pakistan history the country has recently declined to accept remaining installments of foreign loans since our own economy had improved When he was saying this in Saudi Arabia same day a news item had appeared that Pakistan has signed an agreement for a 400 Million loan from China for agriculture purposes. Earlier commenting on the speech of the Prime Minister, senior columnist Irshad Ahmed Haqqani had reminded in his column that in 1979 the then Government declined to accept many remaining installments of Loans whereas now we have refused only one installment. This Overseas Pakistanis Minister in his address stated we used to get loans form these foreign sharks on humiliating and tough terms. No one is interested and no one would be till there is a real and true democracy in the country instead opting to seek these loans from Overseas Pakistanis in shape of their deposits just giving them say 3 to 5% more than present National Saving rates with a condition of non repatriations. No one will do this because this way money will remain in Pakistan and would make Pakistan really truly economically independent which is against the wishes of vested interest..