Recent Articles

Debt Justice

Pakistan must suspend debt repayments immediately

CADTM-International Appeal/ Almost a year ago in August 2008, Pakistan was at the brink of a default. Its foreign exchange reserves were hitting the rock bottom of $4 billion, depleting rapidly in the range of $250 to $330 million weekly, which were hardly sufficient to sustain a month’s imports. Pakistan’s sovereign debt and liabilities had crossed the $45 billion mark, the Pakistani rupee had depreciated to 23 per cent and the gap between balance of trade was widening to an ... 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 »