And work hard for the future
The spectacular rise of the Pakistani rupee against the dollar last month silenced, at least for the time being, even the most avid critics of the finance minister that have not been prepared to credit him of being anything more than a glorious book keeper. Against all odds and to the chagrin of the currency market and its speculators, the finance minister delivered on what he had promised a few weeks ago. More or less like a magician pulling a rabbit out of a hat. The rupee exchange rate parity against dollar tumbled from around 108 to below 100. The muted accolades from friends and foes were short-lived and soon turned to sly speculations on how he did it and who had benefitted with the manoeuvre.
The media and the opposition parties smelled a rat. The smell got fouler as, at about the same time, a string of notable dignitaries from Saudi Arabia and the Emir of Bahrain descended on the capital with their entourage in quick succession – greeted to red carpet reception, full protocol and bear hugs. The sudden exhibition of such warmth was enough ammunition for the television talk show hosts and the opposition parties to put the government in the firing line.
The resuscitation of 1.5 billion dollars loan/gift from Saudi Arabia and the projection of further inflows to follow in the foreign currency reserves from various other sources put the brakes on the downward slide of the rupee. The numerous positive dividends of a stable rupee, however, have remained buried under the unending reverberations of the secrecy behind the negotiations and the terms of the not so insignificant loan.
Conspiracy theories, fears of a compromise in the Middle East foreign policy, becoming a party in the Syrian conflict and rumours of an agreement to send arms and our forces to fight in the Arab world were presented in press and television with such conviction that even Altaf Hussain couldn’t resist the temptation to pass the opportunity to pronounce his trade mark theatrical warnings in a hurriedly called public address. He leapt several steps further and advised the armed forces to refuse to obey any government command to fight abroad.
Democracy in our country is misinterpreted as a license to say anything one pleases – may it be libellous, treasonous or anti-state. We have no dearth of elaborate to check everything under the sun, but our system and the powerful lobbies prevent their implementation when they are at variance with their interests. Likewise, negativity, suspicion and mistrust have penetrated so deep in our national thinking that we have lost the sense to rejoice or to feel pride in simple achievements.
The prime minister’s categorical assurance of no shift in foreign policy failed to calm down the accusations of ‘no free lunch’ and a sell-off, notwithstanding the fact that loans and grants are hardly novelties to our economy. All our rulers have had insatiable appetite for easy financial assistance. Conversely, the opposition follow by exhibition of slandering and incredible ingratitude towards the donors. The portrayal of the Saudi contribution to prop our sagging economy as a sinister motive, based on unsubstantiated conjectures, reflects this national trend.
There has been no dearth of zealots burning the American flags right in front of its missions and chanting slogans of death to America and no US aid. Most of these will grab any opportunity to migrate to the West in search of a better living or to willingly avail its grants without any qualms. The Saudis that had so far been spared the humiliation have also now become the victim of such political point scoring.
Pakistan is a country with 796,000 square meters of land area, developed communication network, an agricultural and industrial base, vast untapped natural resources, professionally trained, disciplined and well equipped armed forces, established administrative structure and in excess of180 million industrious people. Our geographical location, nuclear capability and a special significance in the Islamic block make us a significant regional power. Contrary to media portrayals of a failing state, Pakistan is a vibrant and stable state with a centuries old culture.
1.5 billion is just 1% of 228 billion dollars that is the annual budget of Saudi Arabia. The tiny peninsula state of Qatar gave 8 billion dollars to the Morsi government of Egypt. A consortium of Saudi, Bahrain and UAE has pledged 20 billion dollars to the present government of Egypt. Neither Egypt nor Pakistan can ever be expected to compromise their own interests. The Gulf States, with huge surplus of funds are seeking influence in the Muslim world to protect them from possible isolation in the fast changing global priorities and reorientation of interests. Our interest also lies in winning new friends and to strengthen our ties with the regional nations for trade and security.
We need to emerge from petty squabbles domestically and externally and enter into a constructive mode. Pakistan has plenty to offer in return to the thinly populated Emirates other than the export of manpower and small orders of agricultural produce and meat. We have about a dozen large state defence and engineering production complexes that produce airborne weapon systems, ballistic missiles, naval vessels, aircrafts, unmanned aerial vehicles, tanks, defence and industrial products, various arms and ammunition and miscellaneous other products. These items that are sold with an end user certification need aggressive export marketing.
With the prospects of the gradual return of peace, our higher educational institutions can attract regional students and training facilities in all fields can be provided. It is time to cease our self deprecating attitude, narrow goals and underestimating our potential. We must commence thinking positively.
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