GUJRAT-Department of Political Science & International Relations of the University of Gujrat (UoG) organised a seminar at Hafiz Hayat Campus to highlight how the past colonial powers still continue to exploit the developing economies of the third world countries.

The chief guest and keynote speaker of the seminar titled "Bretton Woods Institutions in globalisation era: Challenges for developing economies" was former vice chancellor of Abuja University Nigeria Dr Nuhu Omeiza Yaqub. Dean Social Sciences Dr Fauzia Maqsood chaired the seminar while department chairperson Dr Mushtaq acted as host.

Among the guests of honour were Dr Muhammad Ramzan Shahid, Dr Sultan Mubaraz, HoDs, chairpersons of various departments and other senior academics.

"The economic exploitation of developing countries by the rich western countries continues unabated even in the post-colonial age of globalization. In the middle of the last century, America and other colonial masters of the yesteryears introduced a global economic system to pave the way for taking control of the world's developing countries' resources by establishing these financial institutions," Dr Nuhu said.

He discussed in detail how the world financial institutions plundered the resources of the developing nations in financial recession-like situation to lay the foundation for a strong private sector to counter the governments' policies aimed at boosting the economy."

In the 70's and 80's, he said, most of the African and Asian countries were ruled by the military junta. This led to more unemployment, poverty, and economic disparities. He called upon the third-world nations to devise a common strategy to prevent the situation ever happening again.

Dr Fauzia Maqsood said that developing countries must work for the setting up of an economic cooperation alliance which will go a long way in dealing with international financial crises threatening their economies. "They must look for indigenous solutions to their industrial and economic problems," she added.

Dr Muhammad Mushtaq said the current government is determined to go all out to achieve economic stability, adding no public welfare projects can be accomplished without a strong financial system.

Earlier, Dr Muhammad Ramzan threw ample light on the history and establishment of Bretton Woods Institutions (IMF and the World Bank). Senior academic Dr Sultan Mubaraz thanked Dr Nuhu and others for their participation.