Begging days are over, says Premier
By Uzma Zafar

ISLAMABAD—Prime Minister Shaukat Aziz has reiterated Pakistan has broken begging bowl adding the country has not accepted loan offer extended by IMF on its own terms and conditions.
He said this while talking to the journalists here Sunday in Prime Minister house. Earlier Dr Ishfaq Hassan Khan from ministry of fiancé, presented copy of economic survey for the year 2005-6 to the prime minister. Suleman Shah advisor to Prime Minister on finance and state minister for finance Omar Ayub Khan were also present on the occasion. Prime Minister told that IMF had extended offer of loan after the devastating October 8 quake on its own terms which we did not accept. We have broken the begging bowl and will not secure loan on such terms and conditions again, he announced.
He pointed out that the previous governments had obtained unlimited loans without controls which destroyed Pakistan’s economy. He said the fiscal responsibility law was presented and passed by this government so that our present and coming generations are not made hostage.
Our government would not extend begging hand before any one and the national sovereignty will not be compromised, he held. He went on to say that national assembly had set debt limitations and loan will be secured within this legal framework so that they could prove productive for the development of the country. As far as the World Bank loan of six point five billion dollars is concerned the premier said it is within the limits of fiscal responsibilities law and will be used for infrastructure, water reservoirs, health, education and other national development projects.
Half of the loan is being provided interest free and the remaining half with nominal interest and will be used in four years, he added. He pointed out that the national assembly and senate had approved fiscal responsibilities and debt limitation law last year under which limits were set for the government to obtain foreign loan. This loan has been got from the world bank under this law and it will be spent on the uplift projects for the masses.
Shaukat Aziz held that the country witnessed record economic development during the last fiscal year and government achieved all set targets. Poverty and unemployment level dropped, forex reserves soared to $13 billion and per capita income rose. He underscored that low income groups would be provided facilities in the next budget. “ We will strive to bring improvement in tax system so that common man is not affected. Special measures are being taken in this regard.
Referring to economic survey, he said that the survey for the current financial year reflects that country is progressing on fast track basis on economic front despite unprecedented rise in oil prices in international market and devastation caused by October 8 quake.