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Pakistan debt audit must to dig out odious loans

Debt continues to weigh down Pakistan, preventing it from being able to break out the endless cycle of poverty and injustice. Although Pakistan has ended SBA agreement With IMF, yet it is not out of woods. Debt scenario is getting bad to worse. The public debt has soared by a whopping Rs.120 billion just between July 1, 2011 to-date in the wake of depreciation of Pak currency against US $. The country’s public debt has risen to Rs. 11 trillion, ... Read More »

Why Pakistan says adieu to IMF program?

(By Abdul Khaliq) The government of Pakistan has taken the latest decision on 17 September 2011 to say ‘adieu’ to the International Monetary Fund (IMF) program at least for the time being, after the existing $11.3 billion Stand By Arrangement (SBA) is to be ended on 30 September 2011.This is the 8th SBA program with the IMF to conclude on an unsuccessful note, since 1950 when Pakistan joined the Fund. Out of these eight programs six were contracted with democratic ... Read More »

An overview of campaign for debt cancellation in Pakistan

(Syed Abdul Khaliq) www.slettgjelda.no/no/english Pakistan- a country of about 180 million people is ruled, most of the time, by the IFIs-backed military dictators who directly governed the country for 32 years (during its 63 years life) with full support of the imperialist west. These dictators, during their respective tenures, not only undermined the democratic institutions in the country but also incurred heavy debt to Pakistan, with almost 80% owed to IFIs, including IMF, World Bank and Asian Development Bank. The ... Read More »

Bury the Begging Bowl Please! -An open letter Nwaz Sharif

(By Abdul Khaliq) Dear Mr.Shahbaz Sharif! A few days back you announced that “the nation should refuse to accept foreign aid as it had been proved to be a “poison” for the national sovereignty and its integrity. We have mortgaged our sovereignty by accepting foreign aid; therefore the nation had to break the “begging bowl” to live as an independent nation”. Your words sound music to my ears, and I am much happy with your “radical position”. I respect your ... Read More »

Citizens launch national Debt Audit in Ireland

Details of an independent audit to be undertaken into providing a clear picture of Ireland’s national debt were unveiled in Dublin today. Areas of specific reference will be to determine to whom the debt is owed, when it was incurred, how much of it is senior, guaranteed and subordinated debt, and when repayment is due to each creditor. The Audit will follow similar processes undertaken in Greece and other deeply indebted countries.  It will be led by Dr Sheila Killian, ... Read More »

Why IMF must drop debts with gold windfall?

(By Abdul Khaliq) $ 3 billion profit should be used for debt relief to poor countries, and not to spiff up IMF headquarters or stash away in a rainy day fund. The International Monetary Fund will decide on fate of $ 3 billion profit from gold sales in its forthcoming meeting, going to be held on 15-17 April 2011 in Washington. The IMF has almost $3 billion spare after selling its gold assets at a high price and making a ... Read More »

Greeks protest against illegitimate debt

The Greek public debt made the headlines when the country’s leaders accepted the austerity measures demanded by the IMF and the European Union, sparking very significant social struggles throughout 2010. But where does this Greek debt come from? As regards the debt incurred by the private sector, the increase has been recent: the first surge came about with the integration of Greece into the eurozone in 2001. A second debt explosion was triggered in 2007 when financial aid granted to ... Read More »

Crisis of capitalistic system and fight for debt justice

Debt burdens still mean a chain of dominance for lots of people in this world, affecting every day the lives of millions. The wrong solutions offered by governments and international institutions could not affront the origin of the problems of the financial crisis, and, moreover, they did not recognize the historic, social, economic and political debts, which have been accumulated by the Global North towards the people of the Global South. How can we fight against debt in a global ... Read More »

Why Arab companies rush for corporate farming in Pakistan?

By Abdul Khaliq/: Government offers one million acres of agriculture land to Arab monarchs, giving way to new corporate feudal system of it own kind During the last couple of years the extra ordinary increase in prices of staple commodities (wheat, rice, corn, soybeans and barley) have apparently compelled many states of the world including oil-rich Arab monarchies and Middle Eastern countries to grow their own crops to manage supplies to their domestic consumers and also to build stockpiles for ... Read More »

IFI-induced debt catastrophes?

>Natural disasters in Haiti and Pakistan have heightened calls for larger debt cancellation, rather than new IMF loans, and for a rethink of the sovereign debt system. Even before massive August floods pushed more than 10 million people to need emergency assistance, calls were mounting for debt cancellation for Pakistan. A July report from UK NGO Jubilee Debt Campaign, Fuelling injustice, noted that “Pakistan, a country where 38 per cent of small children are underweight, spent nearly $3 billion servicing ... Read More »