06-08-2006, 11:41 PM
<!--QuoteBegin-->QUOTE<!--QuoteEBegin--><b>Whereâs all the money going? </b>
Sir: Not surprisingly, our officials are boasting healthy economic indicators once again. What is surprising, however, is that they lack creativity when it comes to our economy. For instance, according to Pakistanâs Economic Survey for 2005-06, the countryâs economy grew by an amazing 6.6 percent in financial year 2005-06. This means the state fell only slightly short of its seven percent target and only because of the impact of record high global oil prices but obviously through no fault of its own. Does this amazing growth ring any bells? How about the 6.8 percent growth during Field Marshal Ayub Khanâs military rule in the 1960s? Or how about the supposed 6.5 percent growth during General Zia ul Haqâs rule in the 1980s?
It isnât a coincidence that the growth rates recorded during army rule in Pakistan have been much higher than those witnessed by civilian governments. However, it is important to remember that the large amounts of foreign aid by the west to Pakistan account for much of the economic boom during the rules of Field Marshal Ayub Khan, General Zia ul Haq and President General Pervez Musharraf. <b>So, given that our country hasnât effectively reduced poverty or improved health and education in the country, one may well ask: whereâs all the money going? The answer is simple: into loan repayments and into our military apparatus, leaving precious little for the benefit of taxpayers.</b>
Further, there is another disclaimer associated with this growth. As Ahmed Faruqui says in his article âEconomic growth under military ruleâ (Daily Times, June 4):<b> âForecasts of economic growth in the eight percent range are unsustainable, given Pakistanâs low rates of savings and investment, its dependence on drought-and-pest sensitive agriculture and its exposure to high oil prices... If the military wants to find a justification for its intervention in politics, it should look beyond the sphere of economics.â</b>
FAISAL FAROOQ
Multan
link
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Sir: Not surprisingly, our officials are boasting healthy economic indicators once again. What is surprising, however, is that they lack creativity when it comes to our economy. For instance, according to Pakistanâs Economic Survey for 2005-06, the countryâs economy grew by an amazing 6.6 percent in financial year 2005-06. This means the state fell only slightly short of its seven percent target and only because of the impact of record high global oil prices but obviously through no fault of its own. Does this amazing growth ring any bells? How about the 6.8 percent growth during Field Marshal Ayub Khanâs military rule in the 1960s? Or how about the supposed 6.5 percent growth during General Zia ul Haqâs rule in the 1980s?
It isnât a coincidence that the growth rates recorded during army rule in Pakistan have been much higher than those witnessed by civilian governments. However, it is important to remember that the large amounts of foreign aid by the west to Pakistan account for much of the economic boom during the rules of Field Marshal Ayub Khan, General Zia ul Haq and President General Pervez Musharraf. <b>So, given that our country hasnât effectively reduced poverty or improved health and education in the country, one may well ask: whereâs all the money going? The answer is simple: into loan repayments and into our military apparatus, leaving precious little for the benefit of taxpayers.</b>
Further, there is another disclaimer associated with this growth. As Ahmed Faruqui says in his article âEconomic growth under military ruleâ (Daily Times, June 4):<b> âForecasts of economic growth in the eight percent range are unsustainable, given Pakistanâs low rates of savings and investment, its dependence on drought-and-pest sensitive agriculture and its exposure to high oil prices... If the military wants to find a justification for its intervention in politics, it should look beyond the sphere of economics.â</b>
FAISAL FAROOQ
Multan
link
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