Do’s & Dont’s With The Loans
February 7, 2010 1 Comment
Yet another financial dole of up to $1.3 billion for Pakistan in the 2009/10 fiscal year has been announced by the World Bank. Good, a lot of countries, mostly poor countries, in the world seek the support of World Bank; hence, Pakistan isn’t exceptional. Simultaneously, it’s always argued that poor countries can’t survive and modernize itself without money and advice from the foreign. Fine, this is a much acceptable statement, but under a ‘certain’ limit. Do you agree?
The World Bank, during the latest bankrolling process of $1.3 billion, also said that it’s much satisfied with Pakistan, and the frail security condition in Pakistan can’t deter the World Bank from supporting Pakistan. Despite all that, first thing first: how and when would we be able to pay off the heavy loans?
In Latin America, countries are paying off their World Bank loans early, cutting off ties with the Bank, and creating their own financing instruments to replace the world’s oldest multilateral lending agency. For example, countries like Argentina, Brazil, Ecuador and Venezuela have made efforts to break themselves free from the debt chains that tie them to these financial culprits. A couple of years before, Venezuela announced that it was paying off all its outstanding debt with the World Bank, totaling $3.3 billion. The then Venezuelan Minister of Finance said that because of this, “Venezuela is free, and thank God, neither today’s Venezuelans nor children yet to be born will owe one single cent to those organizations.”
When are we going to develop this sense of responsibility in the making of good future, I ask?
We’re constantly been bankrolled by the World Bank and different foreign countries. Despite that we’re receiving well enough financial doles for civil and military purpose from all over, we’re incapable of addressing many issues that need attention in order to be rectified through this money. Hence, to me, this much money is getting dwindled away from its actual worth. In all aspects, we’re at loss significantly.
A news caught my attention lately while I had in mind the new financial dole World Bank is bankrolling to Pakistan.
The news at New York Times was about the porous border of Afghanistan and Pakistan at Chaman’s side. Chaman is in Baluchistan, and quite a famous place due to the cheap smuggled items which can be bought from there easily. Coming to the point, I comprehended this news in a broader way. If anything, it’s actually not about the border region of Pakistan with Afghanistan only at the Chaman’s side. It’s generally about the whole Durand Line, unsecured and lawless. The news at New York Times with the title “Even Where Pakistani Law Exists, Taliban Find a Porous Border” states that:
The thick brown sack that a man named Abdulmalek carried over his shoulder on a recent afternoon might have contained anything: weapons, drugs or explosives. But crossing back and forth between Afghanistan and Pakistan was no problem, he said.
Afghan border guards never search him, even though he passes through this bustling crossing four or five times a week. “What searching?” said Mr. Abdulmalek, a 34-year-old clothing store owner who like many Afghans has only one name. “There is no searching.”
Other Afghans say they can easily enter Pakistan by bribing guards on either side of the border with the equivalent of less than a dollar, or by paying taxi drivers a similarly token amount to drive them across. The guards do not ask those in the taxi for identification or search the trunk.
Well, after reading all this, I ask: where are a lot of terrorists coming from? It’s officially said that some 50,000 to 60,000 Tajiks, Uzbeks, Chechens and Arabs are present in the lawless area of Pakistan, the FATA. On November 18th, 2009 I wrote: From where exactly these Tajiks, Uzbeks, Chechens and Arabs coming from? Exactly not tumbling from air whereby parachutes. Can we not spend finally and forever this much on stockading the Pakistan-Afghanistan border just like Iran has, lo and behold, started building a concrete wall on Pakistan-Iran 700 km border — and just like Pakistan-India border, which is almost 2,900 km long, is secured with walls, barbed wire fences and barricades stretch almost half the 2,900 km of boundary line.
Some issues remain inconspicuous despite that they’re more decisive than many other issues we’ve in Pakistan. Once we develop a fine strategy to minutely secure the Pakistan-Afghanistan border and use the funds we get from World Bank to stop the illegal touring of people on both sides of the border, we shall see a positive change resulting in the slashing of terrorism in Pakistan to a good extent. We’d have to pay off the loans anyway 10 or 20 years later depending on the conditions of World Bank; therefore, why not use the funds more prudently for a better future we could have after few years so that we can pay off our loans more early than it’s prescribed. There are few other issues besides, demanding a little attention for a better future. And that’s enough, paying off loans as early as we can will help us standing on our own feet, which goes to the shaping up of a better future.