The International Monetary Fund (IMF) revealed that Pakistan will have to borrow an additional $2 billion on war footing due to a major loophole in the design of the $6.7 billion bailout package!! Is this a surprise or shock to anyone???? How much more debt does the country want to get into??? Who will this affect?? The rich or the poor??? Ordinary Pakistanis have always struggled to make ends meet but now increasing numbers find themselves challenged to procure even basic staples such as daal and flour, regular blackouts of electricity affecting jobs etc. The suicides of poor rickshaw drivers illustrates the increasing poverty being faced by many Pakistanis. It is important to realise that Pakistans economic failure is inherently linked with its political system that allows Western interference facilitated by corrupt rulers. Thus we see the cruel exploitation by the IMF and World Bank. To break away from such reliance, we need a true Islamic system which will have a just ruler who will be prepared to stand up for vital interests, even if it means crossing swords with the West by implementing new policies that are geared to mass industrialisation, generating internal consumption, developing its agricultural resources, encouraging new businesses and by seeking new export markets to sustain the viability of these ventures. This can only be achieved with a new political solution that the Khilafat state would provide. The Khilafat in time would re-unify the Muslim lands, assert its sovereignty and apply the Islamic economic system as a whole coupled with an independent foreign policy. tribune.pk/story/631283/loophole-in-bailout-imf-says-pakistan-has-to-borrow-2-billion-more/
Posted on: Fri, 15 Nov 2013 10:26:26 +0000
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