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Author Archives: ISEJ

Time to come out on the streets against IMF

(By Syed Abdul Khaliq) 12 May 2019 – The Pakistan economy is in severe crisis. The newly formed government of Pakistan Tehrik-e-Insaaf (PTI) has been trying hard to convince the people that it was serious to divorce the debt dependency. However, like all the previous governments it finally capitulated to the International Monetary Fund (IMF) capitulation. As of writing these lines, the PTI-led government is imploring for a bailout package of around $ 6-7 billion.  Knowing well the weak position ... Read More »

The IMF and WB have lost legitimacy, We need new alternatives

https://www.opendemocracy.net/en/oureconomy/imf-and-world-bank-have-lost-all-legitimacy-we-need-new-alternatives/? Syed Abdul Khaliq (10 April 2019) This article is part of a series by openDemocracy and the Bretton Woods Project on the crisis of multilateralism. The views expressed are those of the author’s only, and are not necessarily representative of either organisation. The consequences of IMF and World Bank policies have been traumatic for the people of South. They have increased poverty and inequality, deprived poor nations of their crucial resources, and directed their wealth towards the North. They ... Read More »

British Raj stole $45 trillion from colonial India during 200-year Rule

“Renowned economist Utsa Patnaik, in her recent research on the fiscal relations between British Raj and Colonial India, has tried to answer an important question, the people of subcontinent are likely to be interested to know”………………………………….. –When renowned economist Utsa Patnaik began to sift through old tracts of British economic history in order to understand the nature of fiscal relations between London and colonial India, the fate of the Kohinoor wasn’t much in the news; Shashi Tharoor hadn’t yet spoken ... Read More »

Pakistan to pay China $40b on $26.5b CPEC investments in 20 years

ISLAMABAD: Pakistan will pay $40 billion to China in 20 years in shape of repayments of debt and dividends on a $26.5 billion investment under flagship China-Pakistan Economic Corridor (CPEC), documents of the Ministry of Planning and Development reveal. Out of $39.83 billion – to be precise – the debt repayments of energy and infrastructure projects amount to $28.43 billion. The rest of $11.4 billion will be paid in shape of dividends to the investors, showed the official estimates. The figures ... Read More »

Is Pakistan on the way to live without IMF?

By Abdul Khaliq  (1 Dec 2018)- Pakistan is perhaps the only country in South Asia with a history of repeated engagements with the IMF – 21 loan agreements since 1959. The last one was concluded in September 2016. Despite that Pakistan’s economic woes hasn’t resolved. Its economy is still in worst shape, with debt is soaring, the current-account deficit is widening and foreign exchange reserves are falling; with just around $ 9 billion at the moment, not enough to cover ... Read More »

7th CADTM South Asia Workshop, 6-8 April 2018, Colombo Sri Lanka

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Colombo Declaration on Illegitimate Debts

(By CADTM – 8 April 2018) We, the participants of the 7th CADTM South Asia workshop from Bangladesh, Nepal, India, Pakistan, Sri Lanka, Japan as well as from Belgium and France gathered at Colombo, Sri Lanka from 6-8 April 2018 acknowledge and affirm that illegitimate debt is a mechanism used to transfer wealth created by toilers to the benefit of capitalists and other exploiting classes. We also declare that public debt (both external and internal) involves a massive transfer of wealth ... Read More »

Is Pakistan falling into China’s debt trap?

By Abdul Khaliq (16 April 2018) • Pakistan will have to payback $100 billion to China by 2024 of total investment of $18.5 billion, which China has invested on account of bank loans in 19 early harvest projects, under CPEC.• China has become the biggest lender to Pakistan after surpassing Japan. Pakistan owes $19 billion (1/5 of its total debt) to China. The CPEC loans will add $14 billion to Pakistan’s total public debt, totalling to $90 billion by June ... Read More »

How micro-finance impinge on human rights

By Philip Mader (13 November) This blog post is based on a talk given at the ETOC Conference on “Financialisation, Eco-Destruction, and Human Rights beyond Borders” in Brussels, September 28-29, 2017, and should not be regarded as an exhaustive academic paper but as food for thought.  Microfinance and financial inclusion are overlapping practices, and both are built on the same idea: that financial dealings with the poor will create a win-win arrangement of profits for financiers, and poverty alleviation and ... Read More »

CPEC – Losses & Gains

By Kaiser Bengali (September 10, 2017) The China Pakistan Economic Corridor (CPEC) does promise to be a game changer for Pakistan. It is a project of a magnitude that will change the economic geography of the country. An earlier project that changed the economic geography of the country was the Indus Water Works, which included the construction of Mangla and Tarbela dams along with thousands of kilometers of canals. Resultantly, two crops a year are now grown where not a blade ... Read More »