COMMENT 09
Thursday, 14 January, 2016
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DHA Lahore controversy
Pakistan’s economy On the revival come has increased to US$1513, foreign exchange reserves have reached the highest ever US$ 20 billion mark and stock exchange has touched new heights. this success story has repeatedly been endorsed by the international rating agencies iMF, the World Bank and the international media, lending credence to the government maliK muHammad asHraf claims. Bloomberg in a report observed “Nawaz ANAGiNG an economy government took charge like Pakistan’s is probably in the highly unfavourthe most excruciating and ble situation yet it has convoluted responsibility. been able to put the When the PML-N govern- country on the path of economic progress”. ment was installed in May 2013, the econ- Forbes observed “Macro-economic and omy of the country was on the verge of structural reforms over the last couple of collapse. the country faced a severe energy years have narrowed the budget deficit and crisis. Economic growth was below 3%, in- raised GDP to a stable level of 4.5%. Stanflation was at double digits, interest rates dards and Poor’s upgraded Pakistan’s credit were high, budget deficit was at 8.8% of rating from stable to positive. Explaining the GDP, investments were abysmally low, for- rationale for this up-gradation the report said, eign currency reserves stood at the lowest “the positive outlook reflects our expectation ever level and the country faced the prospect of Pakistan’s improved economic growth of an ignominious default on iMF loans. prospects, fiscal and external performance Now after two and half years the government and the supportive relationship of external can rightly boast of putting the economy donors over the next 12 months.” Moody’s, back on track. another credible rating agency, also upgraded to save the country from default on iMF credit rating of Pakistan. loans, the government accorded top priority the Wall Street Journal maintained that to negotiating US$6.4 billion Extended Fund Pakistan’s economy has improved, thanks to Facility (EFF) with the agency and was able the prudent monetary and fiscal policies of the to avert a catastrophic situation for the coun- government. Similarly, The Economist in a retry. iMF has already released nine tranches of cent report said, “there were some indications the EFF and negotiations for the tenth are of upturn in spending as the state bank has cut currently in progress. it lost no time in putting its bench mark interest rate to 7%, the lowest in place measures to address other aberrations in 42 years. those in search of a thriving stock in the economy. through prudent, rational market, a stable currency market and low inand visionary management of the economy flation would not normally pitch up in Pakthat focused on macro-economic structural istan. yet Pakistan is enjoying a rare period of reforms, expansion in tax net, investment in optimism about its economy. the economy is infrastructure and energy projects and initia- likely to grow by 4.7 %, the fastest rate in eight tives aimed at reducing budget deficit, the years. the government of Nawaz Sharif degovernment has been able to orchestrate a serves credit for the new stability in the econdiscernible turn around in the economy, omy. it has stuck to an iMF programme and notwithstanding the devastation wrought by consequently foreign exchange reserves have floods and expenditure on military operation more than doubled. the new stability is enZarb-e-Azb and volatile political conditions. couraging.” the iMF and World Bank are also there are credible and verifiable signs of on record to have endorsed claims of recovery revival in the economy by the government. the owing to the steps taken World Bank, reportedly, by the government. the also has agreed to probudget deficit which vide US$ 10.2 billion to stood at 8.8% in 2013 The Wall Street Journal Pakistan during the next has been brought down five year for policy reto 4.8%, inflation has maintained that Pakistan’s forms in the energy secbeen reduced to 4.53%, revenue economy has improved, tor, credit to agriculture secmobilisation, govertor has increased to nance, social sectors and thanks to the prudent Rs515.87 billion, develinvestment in hymonetary and fiscal opment spending has dropower. touched Rs427.67 bilAnother strong and lion, GDP growth which policies of the government. irrefutable evidence of was in the vicinity of the revival of the econ3.1% has been enhanced omy and the opportunito 4.24%, per capita inties thrown open for
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foreign investors was the overwhelming response that Pakistan received on the issuance of Eurobonds. For the five years bonds, the response came from all geographical regions. Nearly 59 percent were subscribed in US, 19 percent in UK, 10 percent in other European countries, 10 percent in Asia, 8 per cent by banks, 7 percent by hedge fund and 1 percent by insurance companies and pension funds. in respect of 10year bonds also most of the money came from US. this response undoubtedly was a result of strenuous and consistent efforts of the economic managers of Pakistan to showcase the marked improvement in economic indicators and the success of the economic reforms introduced by the present government at all the international economic forums. Apart from the foregoing achievements, the government, honestly speaking, has shown remarkable sense of urgency and commitment in tiding over the energy crisis. Under the China-Pak Economic Corridor, China has committed to make an investment of $34 billion in the power producing ventures with a cumulative power generating capacity of 10,600 MW to be completed between 201718. Another 6,645 MWs of early harvest projects in the energy sector are on the actively promoted list. the Prime Minister inaugurated 100 MW solar power unit at Bahawalpur recently which will come on stream by the end of December and would eventually produce 1,000 MW electricity. two more units with power producing capacity of 300 MW and 400 MW which were jointly inaugurated by the visiting Chinese President and Prime Minister Nawaz Sharif will also be constructed on the same site which will become operational by the end of next year. these are all very auspicious developments and would go a long way in boosting the already buoyant economy. the government has already added 3,000 MW electricity to the system due to which power outages have been drastically reduced. the government is also focusing on improving the distribution network and is encouraging the private sector to invest in the projects related to electricity transmission which needs a complete overhaul to be able to carry the existing power producing capacity as well as the electricity which is likely to be added to the system in the future. these achievements despite the formidable challenges and debilitating variables inherited by the government are commendable to say the least. they promise a great economic future for Pakistan.
To save the country from default on IMF loans, the government accorded top priority to negotiating US$6.4 billion Extended Fund Facility (EFF) with the agency and was able to avert a catastrophic situation for the country.
Malik Muhammad Ashraf is an academic. He can be contacted at: ashpak10@gmail.com
REFERENCE retired Brigadier Amjad Kayani’s unconvincing arguments on numerous channels. the decision by Gen Raheel Sharif to prosecute corrupt khaki officers involved in irregular activities will restore army’s prestige and dignity. it is too important an institution to be made hostage to greed of few within its ranks. they owe it to thousands of valiant soldiers who offered supreme sacrifice. Universally accepted code of morals and ethics for men of honour, such as the principle of conflict of interests, have been trampled by the likes of Kamran Kayani and a few members of this family. they should have given a thought to prevent the blowback their conducting of real estate business within cantonments, especially DHA, a subsidiary of an organisation that their elder brother headed, would create. is it mere coincidence that huge construction contracts were awarded to them during the tenure of their brother while he held important assignments? this abuse of late has become very profound by those holding important paid or elected public offices in this country where corruption has become so rampant that it has eroded our moral values and harmed economy, resulting in booming of criminal economy which offers perfect environment for terrorism to spread. Political and paid public office which is voluntarily acquired with an oath to uphold constitution in letter and spirit has been reduced to an instrument for abuse by submitting to insatiable greed for money and assets. DHA established as welfare housing society for the next of kin of shaheeds and injured ghazis has become a commercial venture often tainted with controversies, ever since Musharraf introduced points system for multiple plot allotments to individuals who retired unhurt after gainful employment with perks and pension. it was during his tenure that “File System” was introduced and plots existing only on paper, with not sufficient physical acquisition of land by DHA became a scam involving a former officer nicknamed Zar-Zameen. this irregularity should have been nipped in the bud, instead of being regularised with disastrous consequences such as DHA Lahore expanding into what constituted almost our Second Line of Defence in 1965, should have raised alarm bells. the controversy involving DHA Valley islamabad’s allotment of plots for general public is unacceptable and culprits must be punished. ALI MALIK TARIQ Lahore
Flawed thought process i do not know how much of the criticism of the proposed GwadarKashgar motorway is valid and how much is not, but going by past experience i can safely say that most of it must be pure fantasy. tarbela dam was opposed because it would reduce flow in the indus, but the flow actually increased and Sindh was able to cultivate an additional 27 lakh acres. However, the naysayers did not allow this simple fact to interfere with their thought process. Kalabagh dam is being opposed for the same reason, and also because Punjab will take too much water from it as it is in Punjab although nothing could be more absurd than this. if the same thought process is in play now, then we might as well say goodbye to the Gwadar-Kashgar motorway. ENGR KHURSHID ANWER Lahore
A menace for Karachiites i want to draw the attention of the concerned authorities over a grave matter of concern affecting the general public. the menace of stray-dogs has assumed an alarming proportion as one can see pye-dogs roaming freely on streets, main thoroughfares and residential areas of Karachi. i fail to comprehend as to why the district administration has failed to launch an anti-pye-dog campaign and curb the growing menace of stray dogs despite the increase in dog bite cases across the city. these stray dogs have become a huge of concern and nuisance for the citizens as it has become almost impossible for children to play and the elderly people to continue with their morning-evening-night walks. Private schools in residential areas are common in Karachi and i myself have witnessed dogs chasing school kids both in the morning and afternoon. No one seems bothered about the psychological trauma that children who walk to school go through daily because of these dogs. the worst affected are the people who are either going to work or returning home after performing night duty and those visiting their local mosques particularly during isha and Fajr prayers on foot. Scores of stray dogs are seen roaming freely and they even attack the wayfarers in broad daylight. important to mention that not everyone can afford the anti-rabies vaccine administered to dog-bite victims. A full-fledged campaign against stray dogs Karachiwide is imperative and need of the hour. i shall be grateful to the district administration to look into the matter are do the needful at the earliest. MUHAMMED ZAFIR ZIA Karachi
Fedayeen of modern times MytH is that the word ‘assassin’ was derived from the Arabic word haschishin, the hashish user. it is said that Hassan ibn Sabbah built a ‘paradise’ in his mountain fortress Alamut and under the influence of hashish, his fedayeen used to occasionally visit the paradise for few nights and then proceed on a mission to assassinate some high official or ruling elite in the neighbouring governorates and states. it was Hassan’s doctrine for his fedayeen to murder the target in a public place, to let everyone be terrorised, but at same time win the hearts of the masses by dying courageously if caught by the security forces. that was 1100s when Hassan was terrorising the Middle East of his time, now it’s 2016. Anything changed? i doubt it. if Hassan was using hashish to control his fedayeen, Daesh is using its own interpretation of religion to brainwash educated and civilised masses to become animals to assassinate even their mothers to please their masters. Al Saqr AlQasem, a Daesh fighter shot dead his mother, Leena, in a public place. What was her fault? She wanted her son to leave Raqqa, Daesh’s socalled capital. instead he turned her in to his followers ruling Raqqa nowadays. She was charged with apostasy and was sentenced to death. She was executed by her own son. Who said ibn Sabbah died in 1124? He is very much alive and taking far uglier forms. the world is facing ‘assassins’ who are now on a new type of ‘hashish’. MASOOD KHAN Jubail, Saudi Arabia