Recent Articles

Debt Justice

Pakistan’s external debt set to grow to $90 billion by 2018

(13 Dec 2015) Pakistan’s external debt is projected to grow to a whopping $90 billion in the next four years and the country will need $20 billion a year just to meet its external financing requirements amid concerns that all constitutional arrangements put in place to manage debt have become ineffective. The external debt figures compiled by renowned economist and the country’s former finance minister Dr Hafiz Pasha are about $14 billion higher than the projections made by the International ... Read More »

Pakistan: Privatisation proceeds to be used to clear off debt

(27 Nov 15) The government informed the National Assembly on Friday that it planned to clear off its debt liabilities by selling public sector enterprises (PSEs). In an otherwise lackluster session, a parliamentary secretary claimed that PML-N had received people`s mandate on its election manifesto that included privatization of national entities. Finance Minister Ishaq Dar said in a written answer to a question that the total domestic debt stood at Rs18,093 billion at the end of September and Rs1,304bn was spent ... Read More »

Pakistan: Economic loss $107 billion: compensation $49.95 billion

(By Mehtab Haider, 05/11/15): One may believe it or not but it is a fact that Pakistan has received only $708 million net transfers on annual basis in the shape of foreign loans and grants from all multilateral and bilateral creditors during the last 15 years under both military and democratic regimes. At a time when Islamabad is facing pressures on nuclear programme and other issues, the policymakers can make the US and its western allies realise that Islamabad had ... Read More »

Euro Bonds: Govt under fire over reckless borrowing at high rates

(6 October 2015): Joining the ranks of others in criticising the government in its decision to raise $500 million through the Eurobond issue, All Pakistan Business Forum (APBF) President Ibrahim Qureshi has said the high mark-up rate would further plunge the country in expensive debt. He further said the current government has acquired a loan of about $3.5 billion by launching Eurobonds at excessive mark-up rate of 8.25 on average in just two years. Qureshi said that the recent move was surprising ... Read More »

Debt Limitation Act: 10 years on – where does Pakistan stand?

By Tehreem Husain (September 28, 2015) The question of debt has been around for some time. The importance of debt towards economic growth, monetary and financial stability has received great attention after the onset of the global financial crisis. The financial crisis also prompted research into the history of debt –London School of Economics anthropologist David Graeber has written a thick book, ‘Debt: The First 5,000 Years’, presenting the thesis that even early humans belonging to agrarian empires used elaborate ... Read More »

Call for parliamentary debt audit commission

Islamabad: (September 17, 2015) Pakistan’s economy has been paralysed by an unpayable and largely unjust debt burden that is preventing the country from reaching its poverty goals and hindering the development of democracy, says a paper launched by Islamic Relief Pakistan here on Wednesday during a conference on Pakistan’s national debt. The event was attended by members of parliament, diplomats, members of civil society, academia and media. Islamic Relief, a relief and development organization, has been running a campaign ‘Unlocking the ... Read More »

MNA proposes to establish ‘Debt Audit Commission’

ISLAMABAD (APP): Speakers at a conference on Wednesday (16 Sept 2015) proposed to establish an independent “Debt Audit Commission” for deciding legitimacy of debts acquired by successive governments. Speaking at a “Conference on Pakistan’s National Debt” organized by the Islamic Relief Pakistan here, they said legislation should be made to give the commission legal cover. Member of the National Assembly Rumesh Kumar said that every government should focus to decrease debt and the country could get rid of this menace ... Read More »

Should Greece Pay Back Its Debt?

By Ozlem Onaran ( 23 April 2015) Financial speculators are nervously asking whether Greece will pay its debt or default. Political leaders from Europe to the US and the IMF are telling the Greek government to leave aside its democratic mandate and accept further austerity as a condition for getting credit to continue to pay back its debt. But the right question politically is: should Greece pay this debt.? On 4 April the President of the Hellenic Parliament, Zoe Konstantopoulou, set up ... Read More »

Debt and austerity imposed on Greece violate the Human Rights

Written statement submitted by Centre Europe – Tiers Monde at the 30th session of the Council for Human Rights, A / HRC / 30 / NGO / 18, September 2, 2015. This statement was prepared in collaboration with the Committee for the Abolition of Third World Debt (CADTM) Since May 2010, Greece has been in structural adjustment. |1| To obtain loans from the International Monetary Fund (IMF), 14 member States of the Eurozone “represented” by the European Commission, and the European Financial Stability Facility ... Read More »

The IMF Confirms ‘Trickle-Down’ Economics Is, Indeed, a Joke

JARED KELLER (JUN 18, 2015) “Trickle-down” economics began as a joke. Seriously. If there’s one person most often associated with the origins of trickle-down economics, it’s President Ronald Reagan. Few people know, however, that the phrase was actually coined by American humorist Will Rogers, who mocked President Herbert Hoover’s Depression-era recovery efforts, saying, “money was all appropriated for the top in the hopes it would trickle down to the needy.” Rogers’ joke became economic dogma within two generations, thanks in large ... Read More »