LAHORE – A seminar on “Foreign aid, debt crisis and our responsibilities” here the other day was held at Government College Township which was chaired by Sartaj Aziz, Former Finance and Foreign Minister, Vice Chancellor Beaconhouse University and presided by the principal of the college Dr Muhammad Ijaz Butt.
Dr Qais Aslam from University of Central Punjab, Dr Mumtaz Anwar from Punjab University and Prof Khalid Paracha also shared their views in seminar which was attended by students and the faculty of the college while Govt. Science College Wahdat Road also joined in.
While addressing the seminar Sartaj Aziz linked different phases of economic development with the type of rule in the country. Associating aid flow with international circumstances, he said that Pakistan had been keeping an impressive growth rate throughout its 60 years history.
But according to him the defence budget and debt payment take the larger portion of the financial cake which leaves the nation with no other option but to borrow from others. Aziz said that Pakistan had a promising geographical location as it is positioned across the energy and trade route which was a source of strength. He concluded that the country needs simplicity by our elite, hard work by our youth and good governance by our policy makers for a stabilised Pakistan.
In the principal’s presidential address, Dr Muhammad Ijaz Butt enlightened the audience with the total debt of the county which is around Rs 1450 billion. He blamed the wrong policies for the governments for the current condition of the country. Making the youth realise their duties in this sensitive phase he said that hard work was the only option back up. He paid tribute to the overseas Pakistanis who remitted money in foreign exchange which saved the country from many problems. “By developing our skill and knowledge we can rapidly progress and make a productive contribution for our country”, said the principal.
Dr Qais Aslam highlighted the importance of international trade to replace the aid in a long term strategy to get rid of foreign aid and debt crisis. He was of the view that Pakistan was not only importing petrol and oil but also edible oil which was bad for a country like Pakistan.
Dr Mumtaz Anwar said that the nation was passing through a sensitive point in history, on one hand it was charged with non compliance to IMF and World Bank conditions and on the other it was in the top ten countries receiving foreign aid.
Prof Khalid Paracha said that the country was standing before a mountain of debt which was a threat to our resources and economic existence. He said that debt burden was amounting to 62% of our GDP that was against the discipline stated by the provisions of Fiscal Responsibility Act of 2005.