Re: Pak expatriates sending nearly $600 million a month back home
Yea brother, but the main thing that many Pakistanis could not understand and surprises me most is that that no one mentions that since Musharraf came to power, Pakistan paid over 30 billion dollars interest on loan that Musharraf inherited from past crooks. It was this interest on past loans that was real cause of increasing loans and at many times in past took Pakistan to the brink of bankruptcy. It was 4 billion dollars a year that Pakistan needed to pay without even decreasing existing loan or getting anything out of that.
Past governments used to take new dollar loans to pay interest on past loans. And that means, if present government had taken dollar loans to pay interest on past loans than Pakistan external debt would have kept increasing at the rate of around 10 percent a year, or today it would have become over 80 billion dollars without Pakistan taking any loan for other purposes.
It is big achievement of Musharraf that Pakistan kept servicing past debts from current earnings and kept national dollar debt stagnant (did not let it increase substantially).
The Romanian dictator Ceausecu held a referendum in to approve a constitutional ban on accepting any more national debt. He paid of 13 billion in debt over the next 8 years. The economic squeeze hurt ppl so much that they over threw and shot him when he had almost paid it off in1989. The usurper Mush just paid of the interest.
The point is that even doing good things for the country does not absolve a dictator who is illegitimate.
Timur Kuran is a Turkish-American economist and political scientist currently serving as a professor of Economics and Political Science, and Gorter Family Professor of Islamic Studies at Duke University. His research lies at the intersection of economics, political science, history, and law.
Kuran was born in 1954 in New York City, where his parents were graduate students at Yale University. They returned to Turkey, and he spent his early childhood in Ankara, where his father, Aptullah Kuran, ...
Nicolae Ceaușescu[a] (26 January [O.S. 13 January] 1918 – 25 December 1989) was a Romanian communist politician who led the Socialist Republic of Romania. He served as General Secretary of the Romanian Communist Party from 1965 to 1989 and as the first president of Romania from 1974 to 1989.
Born in Scornicești, Ceaușescu joined the banned Romanian Communist Party in his teens and was repeatedly imprisoned under the pre-war and wartime regimes for his communist activism. After World War II, h...