Senator Rehman Malik
It is a hard fact that countries grow and emerge as economic powers only if they use their resources intelligently and draw long terms planning to increase their production& watch over their earnings and spending.
Economically developed countries formulate their foreign policies without any alien influence and the leadership strategies to create one to one bond with other interacting countries.
They help each other to develop mutual economic growth by creating a level of confidence & trust. The economic strength and strong foreign policies help countries to gain importance in the world and failure of foreign policies push the nations to isolation, and we have recently seen our own country has fallen victim of this isolation. The diplomatic association is basically anti-foreign investments.
Let us first get an overview of the present situation of our economy. Pakistan’s External Debt reached 106.9 USD bn in Sep 2019, compared with 106.3 USD bn in the previous quarter. Saudi Arabia, Japan, the UAE, and France are among other major lenders and also the UAE, Saudi Arabia USA, IMF, Japan, World Bank, China and the Eurobonds and Sukuk Bonds contribute to our debt. China is contributing to the development sectors of Pakistan through CPEC via its own Chinese companies, some Pakistan enterprises, and government sectors. It is pertinent to mention that the Chinese government has funded its own companies as part of CPEC partner.
In contrast, there are only 6.2 billion dollars as a loan. We are an unfortunate nation facing 106.9 USD bn external debt. As per the State Bank of Pakistan, the total public debt stood at PKR 31.786 trillion at the end of June 2019, and the PTI-led government has accumulated a record public debt of PKR 7,509 billion during its first year in power. I feel worried as a student of the economy as to how we will overcome it.
We have no other choice except for improving the economy as our first priority. The government should not take FATF lightly as in the given situation when the country is facing diplomatic isolation; I do not expect any favour neither from FATF nor from the USA. FATF is a big contributing factor derailing our economy, which we so far are unable to control because of our failure at the diplomatic front. The above situation has put us under substantial financial obligations by almost every country mentioned and world donors.
We are subservient to these countries, and we look like beggars before them as our national financial teams are on begging tours, further bringing our names to humiliation in front of the International community. We, as a nation, are feeling the touch of the fragile and poorly managed economy affecting our foreign policy, and it seems that it will continue to suffer and isolate us till the economy is not recovered.
A study shows that Pakistan Economy is continuously sliding down, which is making our local and foreign policies highly vulnerable. Our national delegations visit various countries not aimed to create goodwill but trying to convince for more loans to run the country day to day basis. We begged before the Middle East and many other countries because of which, today we are under the obligation of those countries. We perhaps forget this fact that those who oblige us today, they do establish some rights on us and later on, it’s the nation that has to pay a diplomatic price for it.
The government celebrated the friendship with Malaysia a few months back, and an impression of new Islamic block emerged where Pakistan, Malaysia and Turkey were the essential and prominent members.
The government tried its best to have the credit of this landmark development. The visit of Prime Minister was highlighted in and outside the country showing great achievement by the government. Pakistan must not forget that the West does not like the rise of Turkey and its fast-growing relations with Pakistan. It is understood that Saudi Arabia being financial backer in oil would not like Pakistan to go against their wish and support those whom Saudi Arabia does not like hence the Prime Minister faced embarrassment in front of the Prime Minister of Malaysia and President of Turkey and also before the world where it is believed that Pakistan Foreign Policy is dependent on donor countries. Neither the Prime Minister could go nor could he send his Foreign Minister to Malaysia to participate in Kuala Lumpur Summit. Every Pakistani is worried about national sovereignty which has been crippled as we are looked down as a poor nation.
Unfortunately, we have propagated ourselves as money launderers in the world while hunting the opponents. Our sovereignty has been compromised just because our economy and our local policies and growth has been crippled by the IMF.
I wish we had a handful of billions of dollars, enabling us not to sell our pride which has created the present situation for us.
Our Ministry of Foreign Affairs did not advise the Prime Minister in time about the likelihood of this debacle which has caused heavy price in the form of embarrassment to our nation. It warrants an inquiry as to why Saudi Arabia was not taken into confidence and was not consulted before giving confirmation of attendance to such an important summit.
Prime Minister Imran Khan had earlier confirmed his participation in it and the plan for the summit had been finalised during a trilateral meeting between President of Turkey Tayyip Erdoğan, Prime Minister of Pakistan Imran Khan and Malaysian Prime Minister Mahathir Mohamad in September in New York on the sidelines of the United Nations General Assembly session.
It looks as if someone had played a very negative and adverse role while dealing with this sensitive issue. Let us hope that the real facts shall be made public, and some proper diplomatic measures shall be taken to avoid such an embarrassing situation at the diplomatic front in the future. Unfortunately, our national poverty graph and the worsening economy are badly influencing our foreign policy and making us bow before many members of the International community. In the past, the foreign policy of Pakistan was never influenced by any donor, but financial aids were always attained on mutual understandings and financial rules. The countries invest through public relations, whereas our embassies abroad feel handicapped while creating public relations for lack of sufficient funds. The foreign policy of Pakistan is not up to the required mark as our economic indicators are big handicaps hindering our international relations.
Let us look at Malaysia, and frankly one of the most prominent cases of money laundering has appeared in Malaysia & it had extended hand to Pakistan for help, and I do not know as to which level is the government helping them at, but I know for sure that a Pakistani private security company is helping quietly via a Dubai company to Mahathir government to unearth the trail of money of the former ruler and some other opponent of PM Mahathir Bin Mohamad. The said frontman is under investigation worldwide. PM Mahathir Bin Mohamad thought that Pakistan is the best investigator after reading the money laundering fictions appearing in the media and that is why he requested the support of Pakistan to investigate his opponents on the pattern of Pakistani roadmap of investigation. Let us hope that he is not disappointed with us as he has built high hopes.
I will share some details soon at this ongoing issue. It is interesting to see that no country could dare block Malaysia being a rich country to host the Kuala Lumpur Summit, but we have been prohibited very clearly not to attend? Let see how Malaysia takes it against Pakistan and how we rebuild our image at the diplomatic front which has badly deteriorated by deciding not to attend and we failed to convince other Muslim brotherly countries.
The world follows a different diplomatic policy for the rich block and different for the poor block and we, unfortunately, fall in the negative list of underdeveloped countries.
I had seen much more respect for Pakistan and its passport starting from the early 70s and onward but our respect and economy have been falling since we had decided to jump in the Afghan-Soviet War to support the USA which became our waterloo. Our priority should be how to improve the economy as a national slogan which is now of paramount importance to figure out as an economically strong country in the world & not as begging bowel holder. Our foreign policy is lack of adequate funding to put it on the right track. Our diplomatic isolation was well exposed during our failure to win the international community support to submit a draft resolution over Kashmir issue at the United Nations Human Rights Council (UNHRC) during the United National General Assembly session this September 2019. We have also miserably failed to muster world support including Muslim Ummah to force Prime Minister Narendra Modi to lift the world’s longest curfew which is imposed in Indian Held Kashmir since August 5th and to restore the special status of Kashmir. It is really tragic that only two countries namely Malaysia and Turkey supported us in UNSC and confidently both have been disappointed by us and India must be laughing at us on this debacle.
In the end, I would like to express that we are poorly managing our economy, leaving direct negative impacts on our society, including our foreign policy. No one will respect us in the world unless we look tall in the international economic index follow the basic principles of national honour and respect.
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