KARACHI - The economists and businessmen of the country have said that the proposed $7.5 billion US economic aid for Pakistan will not help to save the country from severe economic crisis. But they said this financial assistance would help the present government to utilise it for the uplift of social sectors in coming years. A bill, Pakistan Enduring Assistance and Cooperation Enhancement or the PEACE Act of 2009 has been introduced in the Senate of the United States envisaging $7.5 billion aid for Pakistan for five years. Dr Ayub Mahar Director at FPCCI Research and Development Centre while talking to The Nation said that this proposed aid bill was enhancement of financial assistance of $0.5 billion which was already being received from the American government. With the approval of the proposed bill, Pakistan will receive $1.5 billion annually for next five years, he said, hoping that country will receive the first instalment of this aid before upcoming budget of FY2009-10. The proposed $7.5 billion financial assistance was not debt as it would be received in form of aid, he said, informing that the American government has put two conditions with this financial assistance. The proposed aid was not for military purpose while the Americans will monitor the aid before releasing amount as the aid will be purely for the social economic development of the country, he said. Meanwhile, this financial aid would be conditional with the Pakistans advancement in war on terror, he said. He commented that $1.5 billion annual financial aid will not steer the country out of financial crisis as Pakistans current account deficit increased to $10b. About 70 per cent of the total budget of the country goes for debt servicing and defence expenditures while remaining 30 per cent were insufficient to maintain law and order, administration, social sector- health, education, and other state expenditures. In this case, the $1.5b annual aid could be huge amount to bring change for social sector in country. Another economist, Shahid Hassan Siddiqui said that various conditions might be attached with this aid bill as new American government has also been forcing Pakistan to do more against the militant extremists in FATA. Elaborating the conditions he said in returns of $7.5 billion aid, the American government likely to get permission for drone attacks inside Pakistan and may muscle further pressure on Pakistan. Being frontline state for against the terrorism Pakistan has suffered $32 billion loss, so far. This annual loss on war against terror front reached $6.8 billion, he said, adding that country will receive only $1.5 billion annually in Kerry Logger aid bill while $23 billion transactional losses will be faced by Pakistan. He said, If some tough conditions are not attached with proposed aid presented in the American Congress than it will prove helpful for common men of the country. Engineer M.A. Jabbar, Chairman SITE opined that proposed financial assistance from USA will increase the social sector budget in next fiscal year as $1.5 billion will likely to receive before next budget.