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Pakistan is not out of the woods yet!

By Abdul Khaliq/ Almost a year ago in August 2008, Pakistan was at the brink of default. Its foreign exchange reserves were hitting the bottom rock of $4 billion, depleting rapidly in the range of $250 to $330 million weekly, which were hardly sufficient to fulfill requirements of one month of imports. Pakistan’s sovereign debt and liabilities were the riskiest, which had crossed the $45 billion mark. Pak rupee had depreciated to 23 per cent. The gap between balance of ... Read More »

Peace rally against war hysteria in Pakistan

CADTM-Pakistan Report/ (Dec 31, 2008) The busy Mall Road of Lahore (Pakistan) was all flooded with red flags on Wednesday (Dec 31, 2008) as hundreds of women, children and peace-loving citizens participated in a peace rally, jointly organized by Labor Party Pakistan, CADTM-Pakistan, WWHL, LEF and National Trade Union Federation. The purpose of the rally was to highlight the necessity of Peace in the backdrop of rising tension in the South Asian region, especially between Pakistan and India as well ... Read More »

Call for Debt Audit Commission in Pakistan

By Abdul Khaliq/ LAHORE. Debt is no longer a private affair because it has a political dimension also, which concerns all nations and societies. The indebtedness of most countries of the South is becoming all the more unbearable because the repayments and interest payments demanded by creditors are beyond the means of poor countries and prevent all forms of development. These views were expressed by Speakers at a press conference organized by CADTM-Pakistan in connection with week of global action ... Read More »

Is Pakistan facing bankruptcy ?

By Abdul Khaliq/ Pakistan’s sovereign debt is going to be the riskiest. For the week ending Aug 29 2008, Government of Pakistan bonds overtook Argentina’s to be the unsafe for investment, say London financial market indicators. In London, where Credit Default Swaps (CDS) are traded, the price for insuring $10 million worth of Argentina’s debt stood at $788,000 while the price to insure the Government of Pakistan-guaranteed debt skyrocketed to $950,000 — something that has never happened before — Pakistan’s ... Read More »

Debt challenges to South Asia

By Abdul Khaliq/ Debt has become the most important problem for the countries of the developing world. The nations that are the poorest in the world are also the most highly indebted. There cannot be any doubt in the minds of economists, sociologists, political scientists or the general public that debt has become a burden for the poor nations rather than the much-advertised source of financial help to these countries. Therefore, nothing is more important than the debt question. Pakistan, ... Read More »

Plundering Public Assets – Story of Privatization in Pakistan

By Abdul Khaliq/ Pakistan, under the gospel of market economy is aggressively pursuing the policy of market liberalization and privatization since 1991. Government of Pakistan during 1990s after being hit by economic downturn was forced to adopt Structural Adjustment Program (SAP) under IMF to reform economy suffering from macroeconomic instability. Under the SAP, it adopted the policy of market liberalization, privatization and deregulation. Pakistan, since then seems to have indulged in privatization binge under which plans have been set to sell ... Read More »