Monday, December 17, 2018

We must not relax our vigil.

A Pakistani minister promised to protect terrorist Hafiz Saeed and his party, the Jama'at-ud-Da'wah, in a leaked video. When told that the Election Commission (ECP) was prepared to declare it a terrorist organization he said, "We will not let this happen." "As long as we (the Pakistan Tehreek-e-Insaaf) are in the government all those, including Hafiz Saeed who are raising voice for Pakistan and righteousness, we are with them," said Minister of State for Interior Sheryar Afridi. Earlier, reacting to a cut off in US economic help to Pakistan, Prime Minister Imran Khan declared, "I would never want to have a relationship where Pakistan is treated like a hired gun -- given money to fight someone else's war." Deploring the lack of trust in Pakistan, when the US killed Osama bin Laden without informing the Pakistanis, he said, "It was humiliating that we were losing our soldiers and civilians and (suffering terrorist) bomb attacks because we were participating in the US war, and then our ally did not trust us to kill Bin Laden." Khan has not been briefed that the Pakistani army actively helped the US in killing Bin Laden. Locals had been told to switch off their lights and stay indoors. "The army personnel cordoned off the entire area long before we heard the sounds of helicopters hovering over the area," said a local resident Zulfikar Ahmed. Pakistan's economy is in great difficulty with foreign exchange reserves down to $7.3 billion at the end of November. The Pakistani rupee has been devalued six times in one year and has lost 35% of its value since the first devaluation last December. The country is seeking to borrow $8 billion from the International Monetary Fund (IMF) to tide over a severe balance of payments crisis, but the US will  not allow any part of IMF loan to be used to pay off debt to China. Saudi Arabia and the Asian Development Bank have agreed to help but the US Ambassador to the UN Nikki Haley said that the US should not give even one dollar as long as "Pakistan continues to harbor terrorists that turn around and kill American soldiers". As a desperate Khan looks to stop money being siphoned off by massive corruption, the poor are terrified to find their accounts being used to launder money. "He is a penniless billionaire," Mohammad Qadir was mocked by his friends. However, all is not gloom. The KSE100 index of Pakistan has gained 2% this year, while the BSE100 index of India has dropped 1.2%. Shares are cheap while dividends are high and Pakistani companies have low level of debt so growth will take off if the balance of payments crisis is resolved. Should India help its neighbor? Successive governments have been terrified of Pakistan's government collapsing and terrorists gaining control of nuclear weapons. If that happens the whole world will fight it, so we should tighten our restrictions. If we have the guts.

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