strings attached to the debt given to Pakistan and its effects

2. GROUP MEMBERS
ZAHRA NAEEM 108
MAHNOOR SHAHID 123
MOINA KHAN
113
ROOBASH TAZEEN 134
IQRA IDREES
114
SHIZA QAZMI
ABDUL FAHAD 80
115
HIRA FAZAL
121

4. MOINA
KHAN
12-BS-S-113

5. CONDITIONING
ON FOREIGN
DEBT

6. TABLE OF CONTENT
 INTRODUCTION OF FOREIGN DEBT
 WORLD BANK & IMF, COMPARISON, OBJECTIVES OF IMF ,IMF ASSISTANCE TO
PAKISTAN
 WHY PAKISTAN TAKE FOREIGN LOANS
 ALLOCATIONS OF FOREIGN LOANS
 ECONOMIC IMPACT OF IMF CONITIONALITIES
 EFFECT ON HEALTH AND EDUCATION SECTOR
 PAKISTAN SOVEREIGNTY.
 WESTERNIZED CULTURE IN PAKISTAN
 EFFECTS OF OPEN MEDIA ON OUR CULTURE AND ECONOMY

7. FOREIGN DEBT
 AN OUTSTANDING LOAN THAT ONE COUNTRY
OWES TO ANOTHER COUNTRY OR INSTITUTIONS
WITHIN THAT COUNTRY.
 FOREIGN DEBT ALSO INCLUDES DUE PAYMENTS
TO INTERNATIONAL ORGANIZATIONS SUCH AS THE
INTERNATIONAL MONETARY FUND (IMF).
 THE DEBT MAY BE COMPRISED OF FEES FOR
GOODS AND SERVICES OR OUTSTANDING CREDIT
DUE TO A NEGATIVE BALANCE OF TRADE.
 TOTAL FOREIGN DEBT CAN BE A COMBINATION
OF SHORT-TERM AND LONG-TERM LIABILITIES.

8. WORLD BANK
THE WORLD BANK IS ONE OF THE
WORLD’S LARGEST SOURCES OF
FUNDING AND KNOWLEDGE TO SUPPORT
GOVERNMENTS OF MEMBER COUNTRIES
IN THEIR EFFORTS TO INVEST IN
SCHOOLS AND HEALTH CENTERS..
THE WORLD BANK IS AN INTERNATIONAL
ORGANIZATION OWNED BY THE 184
COUNTRIES.

9. INTERNATIONAL MONETARY FUND(IMF)
 THE INTERNATIONAL MONETARY FUND (IMF) IS
AN ORGANIZATION OF 186 COUNTRIES, WORKING
TO HELP THE DEVELOPMENT OF GLOBAL
MONETARY COOPERATION, SECURE FINANCIAL
STABILITY, FACILITATE INTERNATIONAL TRADE,
PROMOTE HIGH EMPLOYMENT AND
SUSTAINABLE ECONOMIC GROWTH, AND REDUCE
POVERTY AROUND THE WORLD.
 THE IMF’S FUNDAMENTAL MISSION IS TO HELP
ENSURE STABILITY IN THE INTERNATIONAL
SYSTEM.

10. COMPARISON
WORLD BANK PROVIDES
SUPPORT TO DEVELOPING
COUNTRIES.
IN ORDER TO INVEST IN
SCHOOLS AND HEALTH
CENTERS, PROVIDE WATER AND
ELECTRICITY, FIGHT DISEASE
AND PROTECT THE
ENVIRONMENTS
 THE IMF AIMS TO
STABILIZE THE
INTERNATIONAL MONETARY
SYSTEM AND MONITORS THE
WORLD’S CURRENCIES.

11. OBJECTIVES OF IMF
 PROVIDE LOAN TO THE MEMBERS FOR REMOVING UNFAVORABLE BALANCE OF
PAYMENT.
 DETERMINE THE VALUE OF CURRENCY OF MEMBER COUNTRIES.
 DETERMINE THE ECONOMIC POLICIES’ MAIN CONTENTS OF MEMBER’S COUNTRIES.
 TO MAKE PLAN FOR INCREASING PER CAPITA INCOME OF MEMBER COUNTRIES.
 TO COLLECT MONEY FROM MEMBER COUNTRIES IN THE FORM OF FUND OR
RESERVES.
 LATEST OBJECTIVE IN IMF IS THAT IT WILL SUPPORT 3 TRILLION DOLLARS UNDER
HIS BUDGET FOR DECREASING THE PRESSURE OF 2000 RECESSION.

12. IMF ASSISTANCE TO PAKISTAN
 THE QUESTION IN MY MIND IS THAT WHEN AND
HOW MUCH WAS LENT TO PAKISTAN BY IMF.
 PAKISTAN JOINED IMF ON 11TH JULY, 1950. IMF IS
PROVIDING FINANCIAL ASSISTANCE TO PAKISTAN
SINCE 1952.
 ACCORDING TO 1977 AGREEMENT, PAKISTAN
BORROWED 1193 MILLION DOLLARS FROM IMF.
 ACCORDING TO 1980 AGREEMENT, IMF PROVIDED
$1.7 BILLION TO PAKISTAN FOR THE PERIOD OF
1980-83.
 ACCORDING TO 1988 AGREEMENT, IMF GAVE THE
ASSISTANCE OF $900 MILLION TO PAKISTAN.

13. ACCORDING TO 1994 AGREEMENT, THE AGREEMENT WAS EXTENDED TO
SEPTEMBER, 1997, INSTEAD OF FEBRUARY, 1997, WHILE THE AMOUNT OF
LOAN WAS RAISED FROM $250 MILLION TO $850 MILLION.
ACCORDING TO 1997 AGREEMENT, THIS PERIOD IS OF THREE YEARS FROM
1ST JULY, 1997 TO 30 JUNE, 2000. PAKISTAN DEMANDED A LOT OF AMOUNT
AS FINANCIAL AID BUT IMF SANCTIONED $500 MILLION ON JANUARY 14,
1999.
ACCORDING TO 2003-04 AGREEMENT, PAKISTAN GOT THE ENTIRE AMOUNT
WHICH WAS SANCTIONED BY IMF WHICH IS $1.47 BILLION DOLLARS
ACCORDING TO 2008 AGREEMENT, THE IMF’S EXECUTIVE BOARD HAS
APPROVED A $7.6 BILLION LOAN FOR PAKISTAN.
ACCORDING TO 2009 AGREEMENT, THE IMF GAVE 7.6 BILLION TO PAKISTAN.

14. IQRA
IDREES
12-BS-S-114

15. WHY PAKISTAN HAVE TO TAKE FOREIGN
LOANS (IMF):
 Pakistan has been suffering from
economic crises since its inception
 To keep the balance of payments
in check and to meet the financial
obligations government of
Pakistan unfortunately always
resort to take loans
 Since the late 1980s, it has been
imposing various conditions on
successive governments
increasingly crippled by debt
servicing

16. PAKISTAN ECONOMIC INSTABILITY:
Pakistan is facing economic challenges vis-a-vis fiscal
deficit, trade deficit and current account deficit. The list
is rather long. Deteriorating law and order situation,
corruption, flawed decisions of inept leadership, energy
shortfall and prohibitive cost of energy have made
many industries unviable. In the last budget, the
government reckoned 4.3 per cent economic growth,
but with extensive gas and load shedding it was rather
naïve to set the unrealistic target.

17. INFLATION
 Inflation erodes the incomes of the people, especially
salaried class and fixed income groups
 The magnitude of the public debt limits the fiscal
space to invest in human development, in
infrastructure and capacity to build strong defense
 The threats faced by Pakistan have to be understood
in the light of fast changing regional and international
situation.

18. UTILITIES:
 Utilities, such as electricity, gas and
water is another area where IMF has
been pushing to enhance rates to the
detriment of common man. .
 In the domestic market, people have
to pay more for everything, which
erodes the incomes of salaried class
and fixed income groups, pushing
more and more people below the
poverty line.

19. POVERTY:
 Almost six loan arrangements
were made during the regime of
Benazir Bhutto, two under
Nawaz Sharif and two under
Musharraf to stabilize the
economy and reduce poverty.
EDUCATION:
 There is higher need to spend a large
amount of our budget or foreign loans
on education sector. Only about 20%
percent of our population is literate

20. SECTORS:
 As a primarily agrarian economy,
farmers continue to complain about
government policies especially over the
use of fertilizers and the MFN status
with India. So there also need to take
loans for agricultural sector.
 In industrial sector, financial resources
are squandered on the purchase of
equipment and inefficient staff in such
types of things government would have
to focus spent a little amount of foreign
loans

21. FISCAL DEFICIT:
In Pakistan persistent fiscal imbalances have
contributed to low national saving and investment,
impeding growth performance.
 While it is, no doubt clear, as the experiences of
several parts of the developing world have shown, that
international donor agencies like the World Bank and
the IMF do generally speaking represent the interests of
the industrialized world, their persistent call to reduce
the fiscal deficit does have its merits. But it is not a
question of what we are to do, but more one of how we
are to do it.

22. ELECTRICITY:
 Pakistan is facing through a great problem
that is energy crisis.
 Our all sector especially industrial sector is
suffering a great lose due to this.
Although Pakistan have many different
ways to generate electricity but due to IMF
and world bank conditionality’s Pakistan is
badly bound to use most expensive mean of
electricity which is on the other side not
able to fulfill the present current need.

23. MAHNOOR
SHAHID
12-BS-S-123

24. ALLOCATION OF FOREIGN LOANS:
 CORRUPTION:
 THE AID MONEY HAS EITHER BEEN WASTED THROUGH ILL-PLANNING,
CORRUPTION AND LOW-PRIORITY PUBLIC EXPENDITURE OR IT WAS NOT
DIRECTED TOWARDS THE PEOPLE AT ALL.
 CORRUPTION IS THE ROOT CAUSE TO TAKE THAT MUCH LOANS FROM IMF
AND WORLD BANK. PAKISTAN RECEIVES FOREIGN AID FROM SEVERAL
DIFFERENT COUNTRIES AND THE INTERNATIONAL COMMUNITY.
 CORRUPTION OR ANY MISUSE OF GOVERNMENTAL POWER FOR PERSONAL
BENEFITS IS A PHENOMENON PREVAILING IN ADMINISTRATIVE AND
POLITICAL SYSTEMS OF DIFFERENT COUNTRIES.

25. POLITICAL AND
STRATEGICALLY
CONSIDERATION:
 THE MOTIVATION OF AID MAY ALSO STEM FROM POLITICAL
AND STRATEGIC CONSIDERATIONS.
 POLITICAL AND STRATEGIC CONSIDERATIONS ALSO
DETERMINE THE DIRECTION OF FOREIGN AID.
 IT IS NOT ONLY DIRECT US AID THAT IS DICTATED BY
POLITICAL AND GEOSTRATEGIC CONSIDERATIONS, BUT
ALSO THE LOANS AND AID PROVIDED BY THE
MULTILATERAL INSTITUTIONS LIKE THE IMF AND THE
WORLD BANK ARE ALSO INFLUENCED BY POLITICAL
CONSIDERATIONS WHERE THE US PLAYS A KEY ROLE.

26. ISLAMABAD, JAN 29: OVER THE PAST 54 MONTHS, THE PPP-LED
COALITION GOVERNMENT HAS GIVEN TAX EXEMPTIONS TO
CERTAIN INFLUENTIAL LOBBIES AND THE ELITES WHICH
AMOUNT TO MORE THAN THE LOANS ACQUIRED FROM THE
INTERNATIONAL MONETARY FUND TO CORRECT THE BALANCE
OF PAYMENT.
THE NATIONAL DATABASE AND REGISTRATION AUTHORITY
HAS IDENTIFIED 3.8 MILLION PEOPLE WHO ARE NOT PAYING
TAXES.

27. SHIZA
KAZMI
12-BS-S-115

28. ECONOMIC IMPACT OF
IMF CONITIONALITIES

29. INTRODUCTION OF ECONOMY
PAKISTAN’S ECONOMIC HISTORY

PAKISTAN AVERAGE ECONOMIC GROWTH

INDUSTRIAL SECTOR GROWTH

ECONOMIC DEVELOPMENT
PAKISTAN’S ECONOMY TODAY

ECONOMIC & FINANCIAL CRISIS

BALANCE OF PAYMENT CRISIS

SPIRALING INFLATION ECONOMIC DOWNFALL.

30. IMF LENDING AND THEIR POLICIES
 IMF ACT AS A MONEY LENDER OF ALL
DEVELOPING COUNTRIES
 MAIN PURPOSE IS TO
MACROECONOMIC STABILITY
 IMF POLICIES OF ENHANCE LENDING
FRAMEWORK
 POVERTY REDUCTION
 NEOLIBERALISM
 SAPS AND WASHINGTON CONSENSUS

31. CONDITIONALITY'S
• “CONDITIONALITY'S REFER TO THE SET OF MECHANISMS IN THE
DEVELOPMENT POLICY LENDING THAT THE IFIS OR DONOR
COUNTRIES USE TO IMPOSE POLICIES, SUCH AS MARKET-OPENING,
DEREGULATION OR PRIVATIZATION ON POOR COUNTRIES”.
TYPES OF CONDITIONALITIES

32. IMF CONDITIONALITIES AFFECT PAKISTAN’S
ECONOMY
1
2
3
• Increase in indirect tax(GST) to
balance the budget
.

33. ACCERLATING INFLATION

THE IMF SINK POOR
COUNTRIES INTO POVERTY DUE
TO INFLATION

THE RISE IN THE PRICE OF OIL
CAUSED FOOD CRISIS

INFLATION LED TO INCREASE
THE CHARGES OF GAS,
ELECTRICITY, PETROL AND
TELEPHONE

MONOPOLISTIC MARKET
STRUCTURES

34. “SAKEEB SHERANI OF THE ROYAL BANK OF SCOTLAND TOLD A
MEETING ORGANIZED BY PAKISTAN'S CENTRE FOR RESEARCH AND
SECURITY STUDIES THAT “THE IMF PACKAGE WILL CAUSE UP TO
THREE MILLION JOB CUTS IN DEFERMENT SECTORS AND PUSH
ANOTHER 5.6 MILLION TO 7.5 MILLION PAKISTANIS INTO POVERTY
OVER THE NEXT TWO YEARS."

35. WIDENING FISCAL DEFICIT
 THE BIGGEST CONDITION AGAINST THIS
LOAN WAS TO REDUCE THE FISCAL DEFICIT.
 FOR THIS PURPOSE THEY ASKED THE
GOVERNMENT TO INCREASE THE PRICES OF
PUBLIC ENTERPRISES. THE TAX STRUCTURE
WILL BE CHANGED.
 HIGHER FISCAL DEFICIT AND PUBLIC DEBT
LEAD TO INCREASE IN LONG-TERM
INTEREST RATES WHICH LEADS TO
FINANCIAL CRISIS AND ECONOMIC
DISTRESS.

36. PRIVATIZATION
EXPLOITATION O PUBLIC
SECTOR WORKERS
PERPETUATING POVERTY
AFFECT ON GOVERNMENT
SPENDING
INCREASE UNEMPLOYMENT IN
PAKISTAN

37. ROOBASH
TAZEEN
12-BS-S-134

39. Effect on education
 IN PAKISTAN EDUCATION
STANDARDS ARE GOING DOWN,
HEALTH STANDARDS GOING DOWN
AND INFRASTRUCTURE IS LITERALLY
BREAKING UP JUST BECAUSE OF
THESE CONDITIONS
Reduce spending on education
and health services

40.  THE LONG TERM EFFECT OF NEGLECTING TO EDUCATE YOUR
CHILDREN IS FINDING YOU HAVE A LARGE PROPORTION OF
YOUTH POPULATION WITHOUT THE SKILLS NEEDED TO FIND
WORK AND CONTRIBUTE TO ECONOMIC GROWTH.
High economic growth
in Japan and South
Korea is likely due to the
high level of literacy

41.  IMF PUTS SUCH TYPE OF CONDITIONALITY’S TO US WHICH
MAKES OUR PEOPLE TO BE CRUSHED AND RUINED.

42. EFFECT ON HEALTH SECTOR
 HEALTH IS INDISPENSABLE PREREQUISITE FOR ECONOMIC
GROWTH AND DEVELOPMENT IN A COUNTRY AT THE MACRO
LEVEL.
 According to a report by WHO
Commission on Macroeconomics
and Health, US$ 34 per capita is
required for a package of essential
health services in Pakistan.
However, the total expenditure on
health in Pakistan is US$ 18 per
capita

44. THERE IS NOW AMPLE EVIDENCE OF HOW IMFIMPOSED WAGE CEILINGS HAVE CONSTRAINED THE
ABILITY OF GOVERNMENTS TO HIRE ADEQUATE
NUMBERS OF TRAINED PROFESSIONALS

45. EFFECT OF EXPORTING MORE
COMMODITIES
 . COMMODITIES AND RAW MATERIALS ARE
ASKED TO BE EXPORTED, IMPORT FINISHED
PRODUCTS
 THEY DEVALUE OUR NATIONAL CURRENCY
TO MAKE EXPORTS CHEAPER
 THIS LEADS TO LESS CIRCULATION OF
MONEY IN OUR OWN ECONOMY AND A
SMALLER MULTIPLIER EFFECT
 DEVELOPED COUNTRIES GROW RICH BY
SELLING THUS CHEAP PRODUCTS FOR A
HIGH PRICE AND BUYING THUS EXPENSIVE
PRODUCTS FOR A LOW PRICE

46. ENDING SUBSIDIES ON GAS AND
ELECTRICITY
THESE SUBSIDIES REDUCES COSTS FOR CONSUMERS
AND PRODUCERS
. IT IS THE ONE OF THE BASIC REQUIREMENT OF
ECONOMIC DEVELOPMENT AND AN ADEQUATE
STANDARD FOR LIVING
IF SUBSIDIES ARE COUNTED, THE LARGEST
OFFENDERS ARE THE UNITED
STATES, CHINA AND RUSSIA TOGETHER THEIR
SUBSIDIES REACH NEARLY $900 BILLION WORTH

47.  IN SHORT THEY ACTUALLY EXPLOIT ALL THE MAJOR SECTORS
OF THE COUNTRY AND MAKE SURE THAT THE COUNTRY WILL
NEVER BE ABLE TO GET OUT OF THEIR HANDS. FOR A COUNTRY
LIKE PAKISTAN THESE SEVERE AND RIGID CONDITIONS ARE
BOUND TO MAKE THEM THE PERMANENT SLAVE OF IMF. THEY
DICTATE THEIR OWN TERMS AND POLICIES IN EXCHANGE OF
EVERY LOAN.

48. ABDUL
FAHAD
12-BS-S-80

49. PAKISTAN SOVEREIGNTY.
DRONE’S ATTACKS.
PAKISTAN’S RESPONSE.
SALALA CHECK POST.
OSAMA BIN LADIN AND
BLACKWATER.
RAYMOND DAVIS.

50. DRONE’S ATTACK
YEAR
USA STRUCK
PAKISTAN 140
TIMES SINCE
2004 AND 44
TIMES THIS
YEAR.
INCIDENT
KILLED
INJURED
2005
1
1
0
2006
0
0
0
2007
1
20
15
2008
19
156
17
2009
46
536
75
2010
90
831
85
2011
59
548
52
2012
46
344
37
2013
10
73
18
TOTAL
272
2509
299+

51. PAKISTAN’S RESPONSE AGAINST DRONES.
GENERAL DAVID PETRAEUS WAS TOLD IN NOVEMBER 2008
THAT THESE STRIKES WERE UNHELPFUL.
OCTOBER 4, 2008 THE WASHINGTON POST REPORTED THAT
THERE WAS A SECRET DEAL BETWEEN THE US AND
PAKISTAN.
US SENATOR DIANNE FEINSTEIN SAID IN FEBRUARY 2009:
“AS I UNDERSTAND IT, THESE ARE FLOWN OUT OF A
PAKISTANI BASE.” PAKISTANI FOREIGN MINISTER SHAH
MEHMOOD QURESHI DENIED THAT THIS WAS TRUE.

52. SALALA CHECK POST.

53. OSAMA BIL LADEN AND BLACKWATER.
A CIA-LED OPERATION HAS KILLED OSAMA BIN
LADEN IN PAKISTAN.
HE WAS KILLED IN MAY 2, 2011 IN ABBOTTABAD.
THE US CONTRACTOR BLACK WATER IS OPERATING
IN PAKISTAN AT A SECRET CIA .
CIA CO-ORDINATED MISSILE STRIKES THAT HAVE HIT
MORE THAN 40 TARGETS IN THE PAST YEAR.
OFFICIALS IN WASHINGTON SAID THAT A DRONE
ATTACK ON WEDNESDAY KILLED A SENIOR AL-QAIDA
FIGURE.

54.  JAN 26: RAYMOND DAVIS, AN
AMERICAN OFFICIAL, SHOT TWO
PAKISTANI MEN IN WHAT HE SAID
WAS SELF-DEFENSE IN A MARKET
AREA IN LAHORE.
 JAN 27: RAYMOND DAVIS IS HELD BY
POLICE AUTHORITIES FOR THE
SHOOTINGS.
 FEB 2: INTERIOR MINISTER REHMAN
MALIK STATES THAT RAYMOND DAVIS
HOLDS A DIPLOMATIC PASSPORT.
 FEB 4: PAKISTANI GOVERNMENT
SOURCES CLAIM THAT RAYMOND
DAVIS’S DIPLOMATIC IMMUNITY
APPEARS TO BE “DUBIOUS.
RAYMOND DAVIS.

55. ZAHRA
NAEEM
12-BS-S-108

56. WESTERNIZED CULTURE IN PAKISTAN
 PAKISTANI ECONOMY HAS UNDERGOING IN MASSIVE
CULTURAL CHANGE RAPIDLY. PAKISTANI PEOPLE ARE
ADOPTING THE WESTERN CULTURE INCREASINGLY.
 PEOPLE ARE ADOPTING THE EUROPEAN CULTURE BY
WATCHING THEIR MOVIE AND DRAMAS. THIS IS
DROWNING THE PAKISTANI VALUES AND OUR
RITUALS, TRADITIONS AND VALUES ARE
ELIMINATING AND FILLED WITH WESTERN CUSTOMS.
 . MAGAZINES AND CERTAIN TV SHOWS DISCUSS
EXTREMELY OPEN ISSUES THAT ARE OUT OF THE
SCENE IF PEOPLE TAKE INTO ACCOUNT OUR
CULTURE, TRADITION AND RELIGIOUS VALUES.

57. LANGUAGE CONFUSION
 URDU IS ONE OF THE RICHEST LANGUAGES AND ALSO THE
NATIONAL LANGUAGE OF PAKISTAN. THANKS TO THE FOREIGN
MEDIA AND THE SO-CALLED MENTALITY OF OUR YOUTH WHICH
SUGGEST THAT YOU’RE A LITERATE PERSON ONLY IF YOU
SPEAK IN ENGLISH.
 WE FEEL PROUD WHILE CONVERSING IN ENGLISH EVEN IF
WE’RE SPEAKING IT WRONG BUT WE FEEL DEGRADED AND
ILLITERATE IF WE SPEAK IN OUR MOTHER TONGUE.
 IN MOST OF THE EDUCATIONAL INSTITUTES AND WORKING
PLACES IN PAKISTAN ONE CAN GET JOB ONLY IF THAT PERSON
KNOWS ENGLISH.
 ENGLISH AND URDU IS THERE IN OUR ROUTINE CONVERSATION.
MOST OF US DON’T EVEN KNOW THE URDU COUNTING AFTER
20, DO WE?

58. EDUCATION
SYSTEM
 WE CAN SEE THAT SOME SYLLABUS BOOKS, LIKE
ISLAMIC STUDIES, WHICH IS OF GREAT IMPORTANCE AS
PAKISTAN IS AN ISLAMIC COUNTRY, WHICH WAS PART
OF THE SYLLABUS IS SEPARATED FROM THE SYLLABUS
IT SHOULD BE INCLUDED IN THE SYLLABUS AS IT IS
NECESSARY TO HAVE ISLAMIC EDUCATION.
 IN CO-EDUCATION, MANY INSTITUTES THE STUDENTS
ARE INVOLVED IN SUCH KIND OF ACTIVITIES WHICH
ARE CONSIDERED AS OBSCENE. THAT IS ALSO NOT A
PART OF OUR CULTURE AND IS SO FAR FROM OUR
MORAL VALUES.

59. INFLUENCE OF WESTERNIZATION ON
DRESSING
 THESE DAYS WESTERN INFLUENCE CAN BE SEEN ALL
AROUND, BUT MOST SPECIFICALLY IT CAN BE SEEN IN
THE WAY PAKISTANIS HAVE STARTED DRESSING UP.
 WHATEVER FASHION BECOMES POPULAR ABROAD, IT
IS BEING ADOPTED BY PEOPLE HERE, WITHOUT
THINKING THAT IT IS NOT MEANT FOR THEIR BODY
TYPE OR CULTURAL VALUES.
 FOR EXAMPLE: FOR THE LAST FEW YEARS THE TREND
OF PANTS, JEANS, CAPRIES, SHORT SHIRTS,
SLEEVELESS HAS BEEN INCREASED.

60. CELEBRATIONS AND RITUALS
 NOWADAYS, WITH THE CHANGING
TRENDS IN FASHION AND LIFESTYLE,
YOUNGSTERS HAVE BECOME TOO
MUCH INFLUENCED BY MEDIA AND
THEIR SURROUNDINGS THAT THEIR
INTERESTS HAVE DIVERTED
ELSEWHERE.
 FOR EXAMPLE, THEY ARE MORE
ENTHUSIASTIC ABOUT HOLLY,
DIWALI, CHRISTMAS, HALLOWEEN,
AND NEW YEAR.

61. INFLUENCE OF WESTERN CULTURE ON RELIGIOUS
VALUES
 WESTERNIZATION HAS INTRUDED SO DEEPLY INTO OUR CULTURE
THAT THE ISLAMIC VALUES AND “ADAABS” HAVE FADED AWAY. THE
OBLIGATIONS OF A MUSLIM HAVE LONG BEEN FORGOTTEN.
 ALTHOUGH IN SOME INSTITUTES AND ORGANIZATIONS STUDENTS
AND WORKERS WEARING “ABAYAS” ARE CONSIDER AS RESERVED
PERSONALITIES AND THEIR SOME CO-WORKERS THINK THAT THEY
WOULD NOT EVEN MATCH THEIR MENTALITY AND THINK THEM AS A
BACKWARD PERSON... IF THIS IS MODERNIZATION AND
DEVELOPMENT THEN WE SHOULD SHAME ON OURSELVES.

62. MARRIAGE CEREMONIES
 WE LIVE IN A SOCIETY WHERE MARRIAGES ARE
MORE OF THE SHOW-OFF, THE MORE THE MERRIER.
 A LOT OF MONEY IS SPENT TO ORGANIZE THE
MOST LAVISH MAYOU AND MEHNDI .
 WEDDING PLANNERS ARE HIRED,
CHOREOGRAPHERS AND DJS ARE CALLED FOR
DANCE AND MUSIC.
 SUCH THINGS COME FROM THE INDIAN
TRADITIONS, THESE WERE NEVER A PART OF OUR
MUSLIMS TRADITIONS AND THEY ARE SIMPLY A
WASTE OF MONEY.

63. HIRA FAZAL
12-BS-S-121

64. EFFECTS OF OPEN MEDIA ON
OUR CULTURE AND ECONOMY
 CULTURE OF WEARING HEAVY MAKE UP AND DESIGNER
DRESSES OF NEWSCASTERS.
 CULTURE OF NOT WEARING DUPATTA.
 FEMALE NEWSCASTERS ARE NOW TREATED AS SHOW PIECE
OF THE NEWS CHANNEL.
 DEMAND FOR GOOD LOOKING WOMEN FOR JOB IN NEWS
PAPER.
 NOW A DAYS IT IS MAKE NECESSARY THAT A MALE AND A
FEMALE NEWSCASTER WILL DELIVER NEWS AND IN
RESULT THERE IS A HUGE INCREASE IN MEN AND WOMEN
COODINATION

65. SUGGESTIONS
 SHOULD RELAY ON ITS NATURAL RESOURCES
 MAKING OPPORTUNITIES THAT FOREIGN
INVESTMENT SHOULD ATTRACT TOWARDS US.
 REMOVE CORRUPTION
 NEED HONEST AND EDUCATED PEOPLE ON TOP
LEVEL AND CAN MAKE EFFECTIVE
STRATEGIES.
 NEED TO INCREASE EXPORT.
 SINCERITY IS THE KEY OF SUCCESS SO WE
SHOULD ALL SINCERE WITH OUR HOMELAND.

66. CONCLUSION
ACCORDING TO DESIRED SITUATION, HUGE AMOUNT
OF LOANS FROM IMF SHOULD HAVE STABILIZED THE
PAKISTAN ECONOMY AND BALANCE OF PAYMENT BY
NOW BUT THE CONDITION OF PAKISTAN ECONOMY
AND EXCHANGE RATES ARE NOT EVEN CLOSE OF
GETTING STABILIZED. HERE A VERY RATIONAL
QUESTION ARISES THAT WHY TAKING HUGE AMOUNT
LOANS FROM IMF ARE NOT PAYING OFF?

67.  THE ANSWER IS VERY SIMPLE WHICH IS SOMEHOW NOT
GETTING INTO THE MIND OF OUR GOVERNMENT POLICY
MAKERS. GREAT COUNTRIES ARE CONTROLLING IMF. THEY
HAVE MADE CONDITIONS AND POLICIES, WHICH ARE
ACCORDING TO THEIR OWN ECONOMIC CONDITIONS. THEY ARE
VERY DEVELOPED ADVANCED AND EDUCATED COUNTRIES.
THEY COPE UP WITH ALL THE TERMS AND CONDITIONS OF IMF
QUITE EASILY. HOWEVER UNDER DEVELOPED COUNTRIES LIKE
PAKISTAN HAVE LIMITED RESOURCES AND LACK OF STRATEGIC
POLICIES. THEY EASILY BECOME VICTIM OF SEVERE TERMS
AND CONDITIONS OF IMF AND LOSE EVERYTHING INCLUDING
THEIR SOVEREIGNTY AND CONTROL OVER STATE.