Mashallah, this is the brilliant news. After decade and more of loot and mismanagement by our “esteemed” and exiled politicians led to us being enslaved by the IMF, and now after just a few years the Musharraf government has freed us from these shackles. :k:
Pakistan formally told the International Monetary Fund (IMF) Friday that it will not need the Fund’s assistance any more as its economy is on the track to recovery as also to achieve faster growth. The visiting Pakistan Finance Minister, Shaukat Aziz, met the acting IMF Managing Director, Ms Ann Krueger, in Washington and informed her of Islamabad’s decision not to seek further help while thanking the Fund for its “valuable assistance” in the past. After the meeting, Aziz told reporters in Washington that having achieved economic sovereignty, Pakistan was bidding farewell to the Fund. The IMF is an international organisation of 184 member countries. It was established to promote international monetary cooperation, exchange stability and orderly exchange arrangements; to foster economic growth and high levels of employment and to provide temporary financial assistance to countries to help ease balance of payments adjustment. “The Pakistan delegation met the IMF Friday and told them that this is going to be the last year that we seek Fund’s valuable assistance,” the finance minister said. “Pakistan has been able to register successes, as the bulk of its economic programme was homegrown and due to the continuity and consistency in its reforms policies,” he added. Pakistan has been successful in overcoming its ‘initial backlog handicaps’ and straighten out its affairs and was moving forward. The minister said all economic indicators were favourable; there is rapid economic growth; the currency is stable; the national reserves are all time high; exports are growing; interest rates are low; manufacturing, housing and real estate business is thriving while stock exchanges are doing a brisk business. Shaukat said floating of Euro-Bonds of 500 million dollars in the capital market were over-subscribed by four times. ***“We are excited because we find that our economic achievements have been outstanding, under the capable leadership of President Pervez Musharraf and Prime Minister Mir Zafarullah Khan Jamali.” ***
No catch. We have paid back billions upon billion of dollars of debt to foreign agencies and creditors since Musharraf came to power, and we are on track to pay off many billions more over the next few years.
hmmm...i guess i wont count the chickens before they hatch...Malik bhai jab ho ga to dekha jayay ga...the day when Pakistan doesnt owe any debts :D i hope it comes soon inshallah but i wont get too happy right now :D as for hukoomti mansoobay abhee to ye bhee nai pata Musharraf aur kitne din hakoomat kee kursi par hae :S
Musharraf cant create a utopia overnight. He has done all the right things so far. The massive debt will take time to pay off. Large amounts of foreign exchange and investments are definitely helping the economy. Its easy to point fingers and the most obvious place to point them would be corruption that engulfed the country during the reign of Choti and Waddi Tindz and BB.
the day when Pakistan doesnt owe any debts :D
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That is most likely never going to happen. If the benefits of borrowing continue to exceed costs, (i.e. the interest rates remain very low) Pakistan will keep on borrowing.
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*Originally posted by 5Abi: *
Musharraf cant create a utopia overnight. He has done all the right things so far. The massive debt will take time to pay off. Large amounts of foreign exchange and investments are definitely helping the economy. Its easy to point fingers and the most obvious place to point them would be corruption that engulfed the country during the reign of Choti and Waddi Tindz and BB.
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^
100% correct. Some Pakistani people expect miracles yet don't have patience to allow President Mush and his team to have enough time make sure we get on track.
I hope that pakistan has seen the last of the IMF and World Bank the 2 organisations that seek to totally wreck nations with intrest based loans.
Pakistan which has sold of most if not all it utilities to Foriegn companies and it is still hugely indebted i think last count it was 32-33 billion dollars in debt not including 28 billion internal debts.
With not much more to sell off it will be intresting to see how they plan to pay rest of the debts off with.
With current capitalist system in place in pakistan i doubt this is the last we see of the IMF unfortunatly!