ISLAMABAD: The Senate on Tuesday unanimously called upon the international community to consider urgent measures for revival of Pakistan’s economy. Among the initiatives proposed were write-offs and rescheduling of Pakistan’s debt, market access for the country’s products and investment in rehabilitation and reconstruction projects in flood-stricken areas.
A resolution, moved by Leader of the House, Syed Nayyar Hussain Bokhari, after both opposition and treasury agreed on its draft said: “This House commends the resolution adopted unanimously by the 123rd Inter-Parliamentary Union in its meeting held in Geneva on Oct 6, which inter alia urged the international community, in particular donor countries, IFIs including IMF, World bank and ADB to take swift measures such as writing off and/or rescheduling Pakistan’s debt, providing market access to revive Pakistan’s economy and investing in rehabilitation and reconstruction projects for the flood-stricken areas of Pakistan.
“The House resolves that all efforts be made to secure implementation of the aforesaid resolution of the IPU aimed at mitigating sufferings of the flood affectees. The Chairman Senate is authorized to take all necessary steps to achieve the objectives of the resolution.”
Speaking on the state of economy, the parliamentary leader of PML-N, Ishaq Dar, regretted that the current GDP-to-tax ratio of 10 per cent was dismal. Dr Safdar Abbasi, of the People’s Party, said debts were growing at a fast pace while the economy was not picking up. Finance managers ought to be questioned as to where were they taking the country, the PPP leader added.
Mian Raza Rabbani, adviser to the prime minister, said a special committee be set up to study the matter of debt rescheduling before taking it up with world bodies.
Published by The Dawn Media Group
