KARACHI, Oct 18: Sindh finance minister Abdul Hafeez Shaikh said here on Thursday that the global recession which is the outcome of Sept 11 terrorist attacks on US and the post-attack geo-political situation, has left negative effects on the economy of Pakistan but the timely decisions of present government would surely steer the country out of these crisis.
Dispelling the impression that there was any link between the government response to the US call for war against terrorism and the negative effects on Pakistan’s economy, the minister observed that the emerging situation would have affected the country ultimately even if the government had not responded positively.
Speaking at a seminar on “Emerging geo-political situation and its implications on Pakistan”, organized by Management Association of Pakistan (MAP) at a local hotel, Dr. Hafeez said, Pakistan chose to respond to the call for war against terrorism keeping in view its broad national interests. Moreover, Pakistan itself had been the victim of terrorism since long, which made its economy to suffer and compelling our youth to take a wrong path. In these circumstances, we accepted that terrorism is our problem also, he added.
Talking about the negative effects of the present situation, the minister said, “Pakistan’s export targets could not be achieved and we foresee a shortfall of about US$ 1.5 in this respect.” Besides, tourism and hotel industry, manufacturing and other sectors have also suffered a lot, he added, adding some countries have put visa restrictions on Pakistanis, foreign investment has lowered, revenue is on the decline, port activities have decreased and all these factors have left a negative impact on the growth rate.
President Musharraf’s policies have, however, eased the situation, the minister said, and added that the government policies resulted in integration of Pakistan with the world community which is evident from that fact that several international financial organisations have started making offers of billions of dollars to Pakistan besides opening ways to the world markets.
Earlier, Gen. E Umer in his address said Pakistan was in a precarious condition as it had already a hostile India on one side and now the situation in Afghanistan had deteriorated.
Suggesting formation of broad-based government in Afghanistan, he said Pakistan needs a friendly Afghanistan, as it was a matter of our security.
He stressed on devising broad-based national security system for Pakistan and said it does not mean heaping weapons but introducing a system which ensures social justice, economic development and the democracy.
Later, question answer session was also held. Diplomats, former bureaucrats and intellectuals attended the seminar.—PPI
