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Armies do not march on empty stomachs nor do nations survive on starvation diets. We need an economic programme of revival. We need to stop borrowing but we cannot. Our macho sense gets the better of us and we borrow at commercial rates to increase our debt rather than pay back our debt first. Witness the huge amount we are borrowing at the commercial rates to build the Islamabad-Peshawar Motorway. We need to attract investment. Instead we drive away investors. Witness the Keti Bandar Power Project.

Even the paltry resource mobilisation of Rs 10 billion is based on airy fairy assumptions. Sartaj should have used the peoples mandate to enforce documentation in the economy and extend GST to retail in one go. We did away with all exemptions at manufacturing and import stage in our very first budget. This budget has made fiscal viability vague and distant. This Budget has shorn the government of its ability to collect adequate resources from the rich and spend on the poor. The Budget has further enmeshed the debt trap.

Can a compromise be reached or is a clash between the Developed Christian World and the Emerging Asian Muslim --- Confucian World inevitable? Only time will tell. org 51 experiences and build a bargaining position from which the rights of Asian people are balanced against the commercial interests of the developed world. For the developed world has powerful instruments at its disposal to cripple emerging Asian markets. International financial institutions are but one lever. Crashing the stock market by withdrawing funds a second.

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Benazir Bhutto, Selected Speeches 1989 – 2007 by Benazir Bhutto

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