The pursuit of commerce reconciles nations, calms wars, strengthens peace, and commutes the private good of individuals into the common benefit of all.
-Hugh of St. Victor (1096-1141)
CONTENTS:
0 Free Trade or Protectionism?
By Vincent H. Miller & James R. Elwood
0 The Impact of State Control on the Development of Social Sciences in Pakistan
By Dr. Inayatullah
0 Letters to FreePakistan
0 Letters from the Press
0 FreePakistan News Briefs
FREE TRADE OR PROTECTIONISM? THE CASE AGAINST TRADE RESTRICTIONS
By Vincent H. Miller & James R. Elwood
[This pamphlet was originally published in 1988 by International Society for Individual Liberty <www.isil.org> as part of its educational pamphlet series.]
The Lure of Protectionism
The argument for so-called "protectionism" (called "fair trade" by some) may at first sound appealing. Supporters of "protectionist" laws claim that keeping out foreign goods will save jobs, giving ailing domestic industries a chance to recover and prosper, and reduce the trade deficits. Are these claims valid?
Protectionism: What It Costs
Classical Liberal philosopher John Stuart Mill astutely observed in the last century that "Trade barriers are chiefly injurious to the countries imposing them." It is true today as it was then, for the following reasons:
Lost Jobs:
Protectionist laws raise taxes (tariffs) on imported goods and/or impose limits (quotas) on the amount of goods governments permit to enter into a country. They are laws that not only restrict the choice of consumer goods, but also contribute greatly both to the cost of goods and to the cost of doing business. So under "protectionism" you end up poorer, with less money for buying other things you want and need. Moreover, protectionist laws that reduce consumer spending power actually end up destroying jobs. In the USA, for example, according to the US Department of Labor's own statistics, "protectionism" destroys eight jobs in the general economy for every one saved in a protected industry.
Higher Prices:
Japanese consumers pay five times the world price for rice because of import restrictions protecting Japanese farmers. European consumers pay dearly for EC restrictions on food imports and heavy taxes for domestic farm subsidies. American consumers also suffer from the same double burden, paying six times the world price for sugar because of trade restrictions (to give but one example). The US Semiconductor Trade Pact, which pressured Japanese producers to cut back production of computer memory chips, caused an acute worldwide shortage of these widely used parts. Prices quadrupled and companies using these components in the production of electronic consumer goods, in various countries around the world, were badly hurt.
Higher Taxes:
Protectionist laws not only force you to pay more taxes on imported goods, but also raise your general taxes as well. This is because governments invariably expand their Customs Department bureaucracies to force compliance with their new rounds of trade restrictions (or in the case of NAFTA, trade regulations). These bureaucrats must be paid. There is also the expense of more red tape and paperwork for trading companies and more harassment of individual travelers passing through the borders.
The Debt Crisis:
Western Banks are owed hundreds of billions of dollars by Eastern European and Third World countries. Trade restrictions by Western governments, however, have cut off Western markets for these countries, making it virtually impossible for them to earn the hard currencies necessary to repay their loans. This increases the very real possibility of a collapse of the world banking system.
Protectionism: Who Gains?
In spite of evidence of damage caused by trade restrictions, pressure for more "protectionist" laws persists. Who is behind this, and why?
Those who gain from "protectionist" laws are special-interest groups, such as some big corporations, unions, and farmers' groups - all of whom would like to get away with charging higher prices and getting higher wages than they could expect in a free marketplace. These special interests have the money and political clout for influencing politicians to pass laws favorable to them. Politicians in turn play on the fears of uninformed voters to rally support for these laws.
The Losers?
YOU and all other ordinary consumers. Your freedom is being trampled into the dust by these laws, and you are literally being rob-bed, through taxes and higher prices, in order to line the pockets of a few politically-privileged "fat cats."
"Protectionism is a misnomer. The only people protected by tariffs, quotas and trade restrictions are those engaged in uneconomic and wasteful activity. Free trade is the only philosophy compatible with international peace and prosperity." Walter Block, Senior Economist, Fraser Institute (Canada)
Trade Wars: Both Sides Lose
When the government of Country "A" puts up trade barriers against the goods of Country "B", the government of Country "B" will naturally retaliate by erecting trade barriers against the goods of Country "A". The result? A trade war in which both sides lose. But all too often a depressed economy is not the only negative outcome of a trade war . . .
When Goods Don't Cross Borders, Armies Often Do
History is not lacking in examples of cold trade wars escalating into hot shooting wars:
Europe suffered from almost non-stop wars during the 17th and 18th centuries, when restrictive trade policy (mercantilism) was the rule; rival governments fought each other to expand their empires and to exploit captive markets.
British tariffs provoked the American colonists to revolution, and later the Northern-dominated
US government imposed restrictions on Southern cotton exports - a major factor leading to the American Civil War.
In the late 19th Century, after a half century of general free trade (which brought a half-century of peace), short-sighted politicians throughout Europe again began erecting trade barriers. Hostilities built up until they eventually exploded into World War I.
In 1930, facing only a mild recession, US President Hoover ignored warning pleas in a petition by 1028 prominent economists and signed the notorious Smoot-Hawley Act, which raised some
tariffs to 100% levels. Within a year, over 25 other governments had retaliated by passing similar laws. The result? World trade came to a grinding halt, and the entire world was plunged into the "Great Depression" for the rest of the decade. The depression in turn led to World War II.
The #1 Danger to World Peace
The world enjoyed its greatest economic growth during the relatively free trade period of 1945-1970, a period that also saw no major wars. Yet we again see trade barriers being raised around the world by short-sighted politicians. Will the world again end up in a shooting war as a result of these economically-deranged policies? Can we afford to allow this to happen in the nuclear age?
"What generates war is the economic philosophy of nationalism: embargoes, trade and foreign
exchange controls, monetary devaluation, etc. The philosophy of protectionism is a philosophy
of war."
Ludwig von Mises
The Solution: Free Trade
A century and a half ago French economist and statesman Frederic Bastiat presented the practical case for free trade: "It is always beneficial," he said, "for a nation to specialize in what it can produce best and then trade with others to acquire goods at costs lower than it would take to produce them at home." In the 20th century, journalist Frank Chodorov made a similar observation: "Society thrives on trade simply because trade makes specialization possible, and specialization increases output, and increased output reduces the cost in toil for the satisfactions men live by. That being so, the market place is a most humane institution."
What Can You Do?
Silence gives consent, and there should be no consent to the current waves of restrictive trade or capital control legislation being passed. If you agree that free trade is an essential ingredient in
maintaining world peace, and that it is important to your future, we suggest that you inform the political leaders in your country of your concern regarding their interference with free trade. Send them a copy of this pamphlet. We also suggest that you write letters to editors in the media and send this pamphlet to them. Discuss this issue with your friends and warn them of the danger of current "protectionist" trends. Check on how the issue is being taught in the schools. Widespread public understanding of this issue, followed by citizen action, is the only solution. Free trade is too important an issue to leave in the hands of politicians.
"For thousands of years, the tireless effort of productive men and women has been spent trying to reduce the distance between communities of the world by reducing the costs of commerce and trade.
"Over the same span of history, the slothful and incompetent protectionist has endlessly sought to erect barriers in order to prohibit competition - thus, effectively moving communities farther apart. When trade is cut off entirely, the real producers may as well be on different planets.
"The protectionist represents the worst in humanity: fear of change, fear of challenge, and the jealous envy of genius. The protectionist is not against the use of every kind of force, even warfare, to crush his rival. If mankind is to survive, then these primeval fears must be defeated." Ken Schoolland, Former US International Trade Commission Economist, and Trade Advisor to the White House, Member of ISIL's Board of Directors
[Vincent H. Miller is the founder and President and James R. Elwood is Vice-President of the International Society for Individual Liberty.]
<b>THE IMPACT OF STATE CONTROL ON THE DEVELOPMENT OF
SOCIAL SCIENCES IN PAKISTAN</b>
By Dr. Inayatullah
Production of all knowledge particularly that of social sciences in a society occurs within the framework of its social structure, cultural patterns and the character of state that governs it. In Pakistan, as state, which is and has remained authoritarian and bureaucratic, exclusively assumed the role of promoting social sciences, its character decisively shaped the direction and scope of the social sciences. The state did this through its control over educational institutions and research organizations, which it exercised largely through appointments of administrative heads, allocation of funds and rewards. As a result these institutions produced social sciences that were ethnocentric, cast in patriotic mould, employed value neutral approach and fortified the status quo. In controlled environments of these institutions which placed narrow limits on freedom of enquiry, expression and dissent the critically oriented and demythologizing social sciences that could have helped the Pakistani society to transform itself did not emerge.
The state control of the universities has, over the years, imparted an authoritarian character to the academic institutions themselves. Placed in a straitjacket of hierarchy, the universities have operated more like bureaucratic organizations rather than as egalitarian communities working on the frontiers of knowledge. The state dominance has also resulted in turning the teachers and researchers into compliant workers through such means as rules governing efficiency, discipline
and transfers. The executive-administrative staff of the universities treats the academics as lesser beings and occasionally monitors their work for sniffing out "subversive" ideas. The senior faculty, who occupies positions of authority within the institutes and departments, also begin to imitate the administrators and run them according to the prevailing authoritarian pattern. Instead of facilitating the work of their colleagues, they often obstruct it.
The powers, privileges and status enjoyed by the executives-administrators, especially in the civil and military bureaucracy makes the teachers and researchers to crave for similar positions. Consequently, some of the talent which otherwise would have gone to or have remained with the
seats of learning gets sucked into the intellectual wasteland of government and recently NGO bureaucracy. Most of those who join and remain with universities are the ones who have no better alternative available to them. Lacking commitment to scholarship and finding their academic careers unattractive some of them keep searching for more remunerative and prestigious jobs.
The general perception among the ruling elite that except for economics all other social sciences have no useful practical value also affects the development of social sciences. Such an inverted perception prevents them from appreciating the contributions that the social sciences have made or can make in promoting scientific understanding of national problems and in evaluation and formulation of public policies. With such perceptions, the officials of the government ministries are often reluctant to seek advice and utilize the research work of the social scientists while formulating policies. Nor do they acknowledge even the work of best of the researchers and trust them with access to classified documents. In its concrete form such a perception translates itself into low budgetary allocations for social sciences, discriminatory funding of research projects and inadequate rewards for excellence.
Disheartened by inhospitable environments in their own country and attracted by material rewards, better research facilities and freedom to write on any subject, many talented Pakistani scholars have migrated to the West where some of them have produced excellent work in social sciences. Even the talent of less capable expatriates starts flowering the moment it is nurtured by new enabling environment of a western university.
Above analysis, it is hoped, will help the policy makers and community of social scientists to understand why creative social sciences that can make significant contributions to the development of the country have not yet developed. First step that government can take for promoting such social sciences will be to create enabling environment for their development and avoid extending its arbitrary control over educational institutions.
[Dr. Inayatullah is the founder of Council of Social Sciences (COSS) Pakistan <A HREF=http://www.coss.sdnpk.org target=_blank>www.coss.sdnpk.org</A>]
<b>Letters to FreePakistan</b>
Congratulations for the fine piece. Lets us hope for more solutions for
Pakistan from ASI (Alternate Solutions Institute).
Regards,
Nizam [London, UK]
how can i do some thing for this nobel work? if i could do some thing good for people i will get
more plesure.I like ur motto WELFARE OF THE PEOPLE BY THE PEOPLE.
Muhammad Hassan [Lahore, Pakistan]
May I ask you to initiate a discussion through your e-forum so that all of us may be able to find some way to achieve our goal of freedom collectively.
Belief in government is a cultural phenomenon. Ever since the writ of the first government of man over fellow men, it has evolved into becoming a cultural belief. Belief in his lord by a fief is an even older cultural phenomenon.
By privatization, in relation to the above facts, we mean that all basic needs of a society i.e. utilities, education, defense, and justice will be met by the society through the abilities of enterprising persons of that society. (Please correct me if this perception of privatization seems to be wrong) If such is the case, then what could be the scenario in our type of a feudal society where the lord provides food, clothes shelter and protection (though very meager) to a large portion of people who work under his fiefdom ? When the proponents of Privatization speak, they give examples of the former USSR and the West. Both the former USSR and the West are free of feudalism since a long time.We must try to think about the type of privatization required for our society. We must plan a privatization that could be a vivid culture-change-agent.In this forum, I would like to ask all participants to come up with their thoughts on this issue, as change will come when minds are collectively focused on any single issue at a time.
Thanks,
Farooq Malik [Lahore, Pakistan]
[Thank you for taking interest in the newsletter and the issues raised in it.
As to the feudalism, I would like to say that what we need is full property rights to our properties
no matter these are movable or immovable, and as to the ills of feudalism, the first thing that we need is the rule of law.
As to privatization, why don't we think that once there was no state or government, everything was provided by the privateinterests. Even now, if we look around, so many things e.g. clothes, shoes, food items, etc etc, and so many necessaries of life are provided by the private interests; and that too in the presence of heavy taxation and regulations. Since there are no problems attached with the provision of these things, we don't take it seriously. As against this, the things provided by the government, we know too well what is their quality and what is their price.
I think we need a historical approach to understand the role of private sector and for that matter government's too. [KA]
<b>
Letters from the Press</b>
ECONOMY AND HOPE
[Col (r) Akhtar Majeed Butt, Lahore, Pakistan]
What is so great if we have $12 billion in your kitty and do not spend anything on the downtrodden? What is so good if we have recovered Rs 200 billion from the corrupt but do not utilize it on the needy? What is there to brag about debt retirement if its rewards do not travel downwards? If we keep on saying food, food throughout the day, it won't fill the stomach. The actual provision of bread is needed to make the difference. The hefty foreign reserve, which we so proudly mention every now and then, has little to do with our economic policies. This is the money of the scared Pakistanis who have shifted it homeward. In fact it is indirect courtesy of Osama bin Laden. Financial mangers claim rise in exports but who knows. The authenticity of none of their claims has been verified.
Civic amenities have worsened. Roads are dilapidated and congested, sewerage is blocked, kacchi
abadis (slums) and unplanned urbanization is on the rise. Virtually nothing has improved on any
front. Mere claims and flowery words just cannot fool even a few for so long.
Ghazi Brotha, Kalabagh dam, Coastal highway, Gawadar Port, Saindak project etc are being projected as the future pillars of our economy. Despite being a Muslim and in all fairness I know I shall not be there to reap their fruits if any, my children or grandchildren may. But every rational economic policy must have both long and short-term visualization. Three and a half years is a reasonable time. There should have been at least something positive during this period. If our present foreign policy, grass root democracy, devolution plan, parliamentary performance, LFO etc are considered as the positive developments then may Allah help us.
[The News International August 16, 2003]
THE TAX BURDEN
[Arshad Hussain Naqvi, Lahore, Pakistan]
The government's policy to retain the entire range of withholding taxes at the instructions of the World Bank and the IMF is least appreciable, as it would amount to breaking the back of hard-
earned salaried class.
The tax collecting agency has failed in collection of taxes from the business class and as such has resorted to extorting funds by levying taxes on utilities, bank income accounts and dividends. This is theoretically a crude direct taxation. The CBR virtually has not only taxed but also axed all the utility consumers besides levying with holding taxes on income of bank accounts and dividends income. The government should review its policy in the best interest of common man by withdrawing taxes burden on people to live honorably in the society with honor and dignity.
[The News International Karachi Edition August 23, 2003]
TRUE LIES
[Hussain Siddiqui, Pakistan]
If the Minister for Water and Power says "the operation of Ghazi Barotha hydel power project would result in cheap electricity generation" it means "power tariff shall be increased by 3 paisas per unit effective August 19" (NEPRA notification).
[The News Lahore August 23, 2003]
MORE POWER, HIGHER RATE
[Shahryar Khan Baseer, Peshawar, Pakistan]
With the opening of the new Ghazi Barotha, Pakistan's second largest hydel power project, the recent improvements to stop power theft and the decrease in world fuel prices, which have also reduced the cost of power production in the expensive IPPs, Wapda has been rolling in money. But so far we haven't seen any change in the prices of electricity, but there have been many new installation of locally madeelectricity meters that are considered to be much faster than the old ones. Now President Musharraf has announced that Pakistan desperately needs the Basha or the Kalabagh Dams in the coming years. What for? To further increase the electricity prices? Or to
provide more facilities to the Wapda employees?
[The News Lahore August 23, 2003]
CAR CONSTRAINTS
[Baber Shahzad Imran, Peshawar, Pakistan]
We booked Toyota Corolla on January 1, 2003, and till now we have not received our car and one of my friends gave one and a half lakh on the car and got his car from the same Peshawar Toyota Frontier Motors. What is this? If we don't bribe people or we don't have any sifarish, does that mean we would not get our car in time for which we paid ten lakh rupees. How can our grievances
be redressed?
[The News Lahore August 23, 2003]
THE LAWBREAKERS
[NA Khan, Rawalpindi, Pakistan]
Your editorial 'Lawbreakers' (The News, August 12) on the incident of reported traffic violation by two MNAs and action against them under the law by a traffic cop on duty is very apt. In fact, the problem with us in Pakistan is that most of our people, particularly the privileged and the
powerful lot, have least regard for the rule of law, considering themselves above law. The day rule of law prevails in the country, most of our problems would be resolved. Nations which respect the rule of law rule the world. You have rightly mentioned in your editorial that the suspended traffic cop be immediately reinstated and rewarded. This world not only vindicate his honor but would also set an example for his comrades to follow suit and perform their duty properly, fearlessly. Moreover, fine imposed through the issue of ticket for the alleged traffic violation must also be realized. [The News Lahore August 19, 2003]
LAWMAKERS
[Editorial The News International Lahore Edition]
The saying that laws are made to be broken is true for Pakistan where rules and regulations are for electors while flouting of the same are for the elected representatives. According to press reports, a vigilant traffic cop stopped two MNAs for traffic violation and insisted on giving them ticket even after being informed of their status. The two legislators threatened the police highups -- who had reached the scene -- of moving privileged motion in the National Assembly if the cop who dared to stop them was not suspended and sent to Police Lines and the police officials happily obliged.
It seems that the legislators are under the impression that since they are the ones making laws, they are entitled to break them as well and hence the threat of privileged motion. Such a pompous attitude and equally unprofessional behavior of the police superiors have set a dangerous precedent of looking the other way when it comes to the elected representatives. Such violations are not only unlawful but also involve lives of common citizens who unfortunately commute on the same roads.
This was not the first time and definitely not the last time as the high and mighty in this country have the tendency of leaving the rules and regulation in tatters and feel proud about it. However, one such example in the last civilian government exists where the cop was rewarded and received standing ovation at a leading Lahore institution for doing his duty diligently. It is for the party the two legislators belong to and the National Assembly to take up the issue and not only ask the two violators for an explanation but also the police superiors who instead of being professional and upheld the law acted under political pressure. The suspended cop must be immediately reinstated with a reward and promotion to boost the morale of the police force.
[The News Lahore Edition August 12, 2003]
HONEST BUT INCOMPETENT
[Dr. Hamid Naeem Khattak, Attock, Pakistan]
The honest policeman from the Federal Capital suspended for stopping worthy members of the parliament on crossing red light has been in the news in the last few days. He sure was honest but certainly incompetent and untrained to serve in the federal capital. I would rather blame the police academy where this honest man was trained for they failed to teach him about jungle laws and how to deal with the privileged ones. Of what good his honesty was when he proved to be a source of trouble to his superiors. Especially once the defaulters had identified themselves as the lawmakers and custodians of law, wisdom and commonsense should have prevailed. The message is clear of all others who might confront such a situation in future that we need to keep the complex dichotomy of our culture in mind while fulfilling our duties. Facts are facts. At times hard and at times bitter. [The News International August 18, 2003]
FreePakistan News-Briefs
PEMRA ISSUES ELIGIBLE CHANNELS LIST
PEMRA (Pakistan Electronic Media Regulatory Authority) has published the following notice in the newspapers: All Cable Operators are informed that a list of eligible channels has been provided to cable operators all over the country. This list is also available on PEMRA website [www.pemra.gov.pk]. The list has been prepared after incorporating public opinion and encompasses channels ranging from Sports, Information, Education to Entertainment. All channels which are not included in this list are therefore not eligible for distribution on any cable network in Pakistan. If anycable operator is found relaying channels other than those prescribed by PEMRA as required under section 20 of PEMRAordinance, legal action will be initiated against him. PEMRA always encourages suggestions and feedback from public on this subject which can be sent in writing to the following address: Col. (R) Mansoor Rashid, GM (Enforcement), 46- Margalla Road, F-8/2, Islamabad. E-mail: enforcement@pemra.gov.pk
A FRIENDLY REMINDER FROM PMM
In the wake of tussle between cable operators and the government, an ad on behalf of an unknown entity (even the name of the advertiser/advertising agency is missing), Pakistan Media Movement, appears in the newspapers. Read it:
A Friendly Reminder to Cable Operators in Pakistan
Pakistan Comes FirstThreatening to block Pakistani channels in protest against not being able to show Indian channels?
Most Pakistanis like us are left quite confused. Where do the cable operators' loyalties really lie?
Here is a reminder from us to them, just in case they have forgotten, just in case they have lost all perspective; Pakistanshould indeed always come first.
Pakistan Media Movement
CABLE TV OPERATORS ON STRIKE
The Cable Operators Association of Pakistan observed a token strike to pressure the government for resumption of international entertainment channels. Whereas Federal Information Minister warned that government will issue licenses to new operators if the cable TV operators do not end the ongoing strike. Finally, the cable operators have assured the government that they would air Indian channels throughout the country.
LET WE SHOW INDIAN CHANNELS
The Punjab Cable Operators Association has appealed to the government to allow them to telecast some decent Indian entertainment channels to the public. The Association also appealed to the local private channels to support them in getting permission from the government for showing some Indian entertainment channels to the public. The Association representatives said that there had been great demand from the public for Indian channels which were decent and not propagating against Pakistan.
DEMAND TO REVIEW TELECOM POLICY
Expatriate Pakistani investors have urged President to urgently review the Telecom Policy. Since its announcement, the local stakeholders have been protesting against it terming it highly protective
of PTCL's interests and have called for its review. The expatriates have pointed out that the condition of the Performance Bond is a major hurdle for the investors which requires $10 million from the licensee before commencing operations.
PROPERTY OWNERS TO SUBMIT INCOME STATEMENT
Tax authorities have directed property owners who are deriving rent income from their possessions to submit a quarterly income statement.
INSPECTION OF FACTORIES
The Director Labor Sindh has said that the inspection of factories is being carried out in a very cordial atmosphere and the complaints from the employers side against the attitude of the inspectors of the Labor Department have decreased appreciably.
PROTEST AGAINST LOAD-SHEDDING, OVER-BILLING
Members of the Peshawar City District Council staged a walk-out to protest against unscheduled load-shedding and over-billing by WAPDA.
MONOPOLY ASKED TO IMPROVE SERVICES
WAPDA Chairman has called on the chief executives of the distribution companies to ensure further improvement in customer services down to sub-division level.
WAPDA & THE WITHHOLDING TAX
WAPDA has urged the federal government to withdraw withholding tax applicable to industrial and commercial electricity consumers and recover it directly.
WORLD BANK URGES TO UNBUNDLE POWER SECTOR
The World Bank has urged the government to move ahead with the unbundling and privatization of the power sector to avoid further losses.
RS.7265 MILLION LOSS TO NATIONAL EXCHEQUER
The Lahore High Court has observed that national exchequer suffered a loss of Rs.7265 million
in Chashma Hydropower Electric Project due to the inefficiency of WAPDA and other authorities concerned; neither responsibility has been fixed nor any action has been taken against the guilty; even National Accountability Bureau has not initiated any inquiry; everybody seems to be complacent.
YOU OWN A CAR! PAY TAX.
Car owners will soon receive notices as to whether or not they are on the tax list. Hundreds of car owners in Lahore have been profiled and the campaign is being extended to Karachi, Islamabad and other cities.
ARTIFICIL SHORTAGE OF CARS
Artificial shortage of automobiles persists in the country with the 'premium' (black market rates paid in addition to the price of vehicle) being charged for on-the-spot delivery of locally assembled vehicles, driving upwards.
PROTECTIONISM INLATES CARS RATES
New automobiles sale at inflated rates is at its peak in the country with the alleged connivance of authorities,manufacturers and dealers. New vehicles are not available to the consumers at the factory rates but are sold at much higher prices.
FACING GLOBALIZATION CHALLENGES UPFRONT
Addressing a day-long roundtable on social dimensions of globalization,Governor State Bank of Pakistan said that Pakistan should face challenges ofglobalization to reap benefits of the new system, instead of findingfaults with it, and follow the example of India and China which met the challenges upfront and
improved various sectors of economy to come to grips with them.
TRADE TO PROMOTE STABILITY
Asian Development Bank President has said that regional trade and transport links will promote
stability in South and Central Asia; and by promoting active cooperation in the transport and trade sectors we are providing the necessary foundation for effective economic cooperation.
BAD LOANS STAND AT RS.249 BILLION
The central bank's policy to allow loan write-offs and restructuring of the stuck up loans had helped reduce the quantum of Non-performing Loans to Rs.248.95 billion by the end of June 2003.
THE NAB'S 165 VEHICLES
National Accountability Bureau has informed the government that it has 165 vehicles, including
22 luxury Toyota cars, for the use of its staff members and that a sum of Rs.5 millions is being spent on their maintenance per year. It has bought 54 new vehicles at a cost of Rs.50 million during the last three years. The NAB also informed that annual cost of maintenance of the said vehicles went up from Rs.3.4 million in 1999-2000 to Rs.55.6 million in 2001-2002.
HEFTY BILLS PAID FOR ADBP CHAIRMAN
The Finance Minister has admitted that the Agricultural Development Bank of Pakistan in violation of its own rules was paying hefty fee bills of the four top luxurious clubs of the country whose membership is in the name of its Chairman, Istaqbal Mehdi. The Finance Minister
confirmed that the rules allowed payment of two clubs memberships fee in the name of its chairman. The ADBP Chairman has membership of these clubs on the ground that he would be required to "socialize" with the clients, in ADBP case, the farmers who take loans from the Bank. It is interesting to note that how many farmers could qualify to visit these luxurious clubs to meet the Chairman ADBP on lunch or dinner to discuss any business that the Bank had found it necessary to consume farmers money on such luxuries.
STAGE DRAMAS SHOULD END BEFORE MIDNIGHT
The steering committee formed to make recommendations to regulate stage dramas and conduct of
artistes has decided that stage dramas in all theatres should end before 12 midnight. The committee has further decided that artistes indulging in obscenity and vulgarity would be banned for at least three months throughout Punjab and that performance of female dances in musical concerts should not be allowed and a self-monitoring system by producers, directors, artistes and theatre owners he evolved to eliminate the element of obscenity, vulgarity and delivery of objectionable dialogues.
COPYRIGHT VIOLATIONS
Multi-national companies operating in Pakistan have urged the government to adopt strict measures to check copyright violations as well as piracy.
DUPONT SCIENCE AWARDS 2003
As part of worldwide strategy to bring miracles of science to life, DuPont a science-based company, in collaboration with Pakistan Council of Science and Technology has announced this year's DuPont Science Awards for the achievement and creativity in the fields of Chemistry, Agricultural Science and Textile Technology. For information visit www.science-awards.com.pk or contact info@science-awards.com.pk
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Edited and prepared by
Khalil Ahmad
Email: khalilkf =at= hotmail.com
khalilkf =at= yahoo.com (replace =at= with @)
[No opinion expressed here should be taken as reflecting the view of the
FreePakistan Newsletter.]
