KARACHI - The current economic crisis in Pakistan demands that our policy makers and think-tank find out quick corrective measures to take the nation out of economic turmoil. The present government will hopefully get over the situation through productive plans in this regard. This was stated by Prof. Dr. M. Abuzar Wajidi, Dean, Faculty of Management & Administrative Sciences, University of Karachi during a special lecture on the topic of economy at the Department of Public Administration. He advocated that the government should not obtain further loans, and should try to raise exports in order to reduce and gradually eliminate trade deficit. Dr. Wajidi claimed that with substantial curtailment in their budget allocation for defence, the developed world can eliminate poverty from the world. He supported Pakistan's agreement with China for the nuclear plants to overcome power crisis. In his keynote address, Dr. Rafiq Ahmed Khan, said that the first five year plan was very skilfully prepared by Pakistani experts, yet this could not be enacted in time. The same plan became the basis of speedy progress for the South Koreans who have become Asian Tigers. He opined that in order to save Pakistan from financial turbulence, the government has the option of declaring herself default. This will cause curtailment of imports of a number of luxurious items, which will cause no harm to the nation. He added that for over three decades we have been facing trade deficit despite re-scheduling of loans. He claimed that IMF bailout plan is not for Pakistan, rather it is to a bailout for the industrialised countries. He related ad-hocism and pragmatism to the persistent inflation rate as the unstable governments are unable to formulate healthy policies. He urged national savings rate to be raised up to 30-35% and said that an honest, competent and really democratic government can achieve economic objectives for the country.