Pakistan's loans be written off: Senate

[Hyde]

Pak's loans be written off: Senate
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Updated at: 1559 PST, Tuesday, November 02, 2010
ISLAMABAD: Senators on Tuesday appreciated the government over the resolution adopted during the meeting of Inter-Parliamentary Union (IPU) held in Geneva during which more than 122 countries unanimously passed the resolution for writing off loans of Pakistan.

Syed Nayyer Hussain Bokhari, Leader of the House in Senate expressed his pleasure over the resolution of IPU and termed it a great success of the government, which amounts to regaining the lost glory of the country.

"Our parliamentary delegation visited Geneva and more than 122 countries acknowledged our stance which is our success", he said.

He also gave mandate to Chairman Senate Farooq H. Naek to pursue the resolution to make it more effective.

Bokhari said, "I endorse that a committee be constituted which should be headed by Chairman Senate".

Haroon Akhtar Khan said that resolution had been adopted unanimously and the success in this regard was to include the word "writing off the debt instead of rescheduling the debt".

He demanded the House to pass a resolution, which must take forward this process of taking other countries in confidence.

He was of the view that if our loans are written off then the economy and educational system would improve which needs follow up by the government.

Waseem Sajjad, Opposition leader in Senate while endorsing the point of view of Haroon Akhtar said that a resolution must be passed from the House for making the process more effective.

He maintained that the step would also help improving the image of the country in the comity of nations.

Mian Raza Rabbani congratulated the parliamentary team for achieving this milestone and said if the loans are written off then it would be our great success.

He urged to constitute a committee which should pursue the process as IMF and World Bank teams are currently in the country.

He said that the world must waive off Pakistan's loans and if not possible then at least these loans must be re-scheduled.

Ishaq Dar was of the view that re-scheduling is not a big task as it was also done in past.

He urged to adopt the right path in this regard and said that the resolution must be adopted in presence of Minister for Finance.

 

[PeacefulIndian]

So exactly how many $$ written off here? I am not getting the exact picture. Had all 122 countries granted loan to Pakistan or are we talking about loans taken from IMF?

 

[TOPGUN]

Good news... this will set us free to start over with GOD's blessings.

 

[Hyde]

So exactly how many $$ written off here? I am not getting the exact picture. Had all 122 countries granted loan to Pakistan or are we talking about loans taken from IMF?

nothing is written off

 

[Von Hölle]

IPU just an observer at UN ..it doest not have any voting power in IMF or WB..therefore only bilateral loans can be written off by individual countries...ie If Saudi Arabia wants it can write off money pakistan owes to it ..but not multilateral loans (IMF, WB)

 

[Avatar]

Well, any $$$ written off is better than no $$$ written off. I hope this reduces pressure on Pakistan to pay off the other loans already acquired, and gives them hope to work diligently to develop all sectors of the system rather than spend more money on defense..so they dont have to depend on more credit for the future and Pakistan's future generations work for themselves rather than repaying accumulated debt.