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Seven times twenty is 100
Shaukat Azizs claim that the World Banks promised loans/assistance for the next four years is a vote of confidence in Pakistans economy is a half-truth. Of course the macro-economic figures show some progress. But the reason for the World Banks decision has more to do with geopolitics than Mr Azizs shabby management of the economyThe Punjabi idiom, tagrian da sateen weeh sau hunda ey (the hundred of the powerful is seven times twenty [instead of five times twenty]) comes to mind when I think of Shaukat Aziz & Co. A few weeks ago they were bragging about having broken free of the shackles of the World Bank and the International Monetary Fund (IMF) and now they are jubilant over the $6.5 billion promised by the World Bank under its Country Assistance Strategy (CAS). But this self-contradiction is normal for those whose hundred equals seven times twenty. There is nothing wrong with seeking soft loans (which come with low interest and long amortisation period) as long as the proceeds are used wisely and constructively. However, if Pakistans history is any guide, the promised funds are only going to benefit the ruling classes that have always prospered under military regimes. Thirty-three billion dollars of foreign loans on Pakistans books did not do much to improve Pakistans economy, its infrastructure, or reduce poverty. Posted by: john 2006-06-07 |
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