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Pak in Financial Trap


The Pakistan is in deep financial crisis and leading towards “Greece” like bankruptcy. No doubt Pakistan’s Prime Minister was top rank cricketeer but in politics he is appearing flop and lack of experience of public life. In a special telecast address to nation he told the people to declare assets, benami assets, benami bank accounts and black money kept in foreign country by June 30 positively or face strict legal action. During the 2014 general election in India Mr.Narendra Modi also in election campaign and even on assuming office of Prime Minister Modi made similar statement on black money and benami properties. But nothing come out and he had to maintain total silence on the issue and public taunted him as “Jumla” orator. The same thing is going to happen in Pakistan also. No one will come forward to declare their black money and benami assets. Sometime back some reliable investigating journalists very honestly issued “Panama Papers” disclosing secret bank accounts all over the world. On this basis the Prime Minister of Iceland had to resign. The Panama Papers also revealed that Prime Minister of Pakistan Mr.Nawaz Shariff and his family members had “benami” property in London. He had to step down from office and sent to jail. The cases are still going on. Mr.Imran told the nation that in the past 10 years the foreign debt on Pakistan went from Rs.6,000 billion to Rs.30,000 billion. Half of the total tax collection of the Pakistan was diverted in paying the installment of the foreign loans. The Pakistan is facing grant financial difficulty in paying interest on entire foreign loans. On coming to power Mr.Imran Khan assured the nation that he would not take foreign loan any more from anywhere. He also said that he would commit suicide instead going to IMF (International Monetary Fund) for fresh loans. But Mr.Imran Khan had to turn volte face on this bold statements. First of all he took foreign loan from the Saudi Arabia and later had to approach IMF again for fresh loans on new conditions. Now the IMF has granted to Pakistan fresh loan of 6 billion dollar as bailout package to survive economic tight conditions. The price inflation on all the goods from food to daily use items are soaring high continuously. Now politicians are taunting Mr.Imran Khan that instead of committing suicide he again sought and brought in loan from the IMF. The Pakistan has paid very heavy price in nurturing terrorism and involvement in Kashmir issue.

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