February 03, 2007	Saturday	Muharram 14, 1428

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ISLAMABAD, Feb 2: Prime Minister Shaukat Aziz on Friday asserted that after freeing itself of the debt embrace of the International Monetary Fund (IMF), Pakistan has “regained economic sovereignty”.

“This was the best thing we could have done for our future generation,” he said launching the book Pakistan: Sovereignty Lost, written by economic journalist Shahidur Rehman, at the prime minister’s house.

As for the country’s continuing appetite for debt, the premier explained that as an economy grows, the capacity to borrow increases. “The size of our economy has doubled in the past five years. We now take debt but not with intrusive conditions,” he said.

Also “different tools are now available to raise money — even without creating debt”, he added referring to global depository shares and public offerings.

Though the prime minister disputed the theme and “some very inaccurate statements” made in the book, which deals with the debt profile of Pakistan, he said its appearance reflected the freedom of expression and confidence critics of the government enjoy in the country.

“We reduced the debt burden in absolute term as well as in terms of percentage of GDP,” he said countering the writer’s assertion that his government had burdened the nation most with debts.

Not only the debt burden had come down from $38.9 billion to $37.3 billion, but in terms of GDP it had been brought down from 100 per cent to 50 per cent. Public debt which used to be 300 per cent of the country’s foreign exchange earning, now stands at 117 per cent, he said.

The prime minister also contested the assertion that the government hides information and economic data.

“We have nothing to hide. Nothing is secret any more. Everything is open now,” he said, advising critics to go to government websites in search of information.

Prime Minister Aziz wished Shahidur Rehman to write another book based on “relative comparisons”. Though his present one had “a journalistic rather than an academic approach”, the writer struck him as “well-intentioned”.

“At the end of the day we are all trying to build a better Pakistan,” the prime minister said. “We as a nation are very secure and proud. We must resonate with that.”