LONDON: A warning to the Western world that economic progress of developing nations like Pakistan could be jeopardised by recurring currency crises, restrictive monetary and trade policies and diminishing aid was sounded today [Jan 13] by Foreign Minister Mian Arshad Husain when he spoke during the Commonwealth Conference’s discussion on international economic situation.

Drawing attention of the Commonwealth leaders to the remarkable economic progress made by Pakistan during its past decade of political stability, Mian Arshad Husain declared: “The problem is indeed crucial. We in developing countries fear that endeavours of developed countries to safeguard their currencies can adversely affect the balance and volume of world trade” and sharply reduce both exports of developing countries and the economic aid received by them.

Following success of Pakistan’s Development Decade during which her gross national product increased by 55 p.c. and per capita income went up from Rs 318 to Rs 515 the country was endeavouring not only to achieve self-sufficiency in food by the Fourth Five-Year Plan period but also a surplus in food grains for export.

Published in Dawn, January 14th, 2019