Convergence of interests

Our Stock Exchange has lost over 30 billion dollars, and would have been over 50 billion if the market had not been capped. This was not a part of the International meltdown as witnessed in the US and UK giant mortgage houses tumbling down. That effect will come later, if strong remedial measures are not taken immediately. The silver lining is the convergence of interests and that the US is now committed to support of Pakistan, and regardless of Obama or Mcain winning the presidency, whoever wins will need a strong Pakistan to crush the militancy that now threatens the world. We for our part face a double whammy, with the militants knocking down what little strength there was in our business sector. The Stock Market losses have also affected the property market and the liquidity crisis may even force a few banks to close.

And so it is essential that President Zardari takes some bold steps to chart our new course. A good step would be the appointment of Shaukat Tareen as minister of finance. He is a man of strength who did a fantastic job of restructuring Habib Bank as CEO. He is desperately needed to give this important ministry a guideline, for at this point in time in the government he is possibly the only person who understands our problem. For he could make it clear to the Americans that it is not AID that is required, but Trade with the US on MFN basis. We are not even at par with India or Bangladesh but are languishing in that limbo of finance where we have no benefits nor any support. The money that was doled out vanished in a whirl of invoices to and from the Pentagon and the State department. Of 10 Billion Dollars only 900 million has been identified as having definitely received by us. So it is essential that we negotiate an MFN status which would help our industrial growth in the long-term.