Pakistan economy living on borrowed time, says ADB

Source: The News

Date: October 01, 2010

ISLAMABAD: The massive financial problems of Pakistan are posing a threat to the political stability as the Asian Development Bank (ADB) in its report has warned that the country’s economy is living on borrowed time.It has been revealed by a prominent English daily of the Middle East appearing from Abu Dhabi quoting an international monetary agency.

 While referring to the political insiders, the newspaper has said that the tenuous relations between the United States and Pakistan and among the power players within Pakistan could see politics overshadow the economics. The Pakistani powerful lobby is largely responsible for the mistrust. Since handing back power, after nine years of direct rule, to civilian politicians after February 2008 elections, COAS General Ashfaq Parvez Kayani, has worked to restore the military’s tarnished public image, notably during flood-relief operations. At the same time, he has steadily sought to re-establish the military’s illustration in national affairs. It led to the conclusion and portrayed Asif Zardari as a corrupt opportunist.

Painting a bleak picture of the country, the newspaper pointed out that until a breakthrough in December brokered by US military commanders, the military had resented the Obama administration’s previous insistence on dealing exclusively with some civilians in the government. Since then, the military has pushed its challenge. On Monday, Gen Kayani made a rare visit to the Presidency to pressure Asif Zardari and Yusuf Raza Gilani, the prime minister, into backing down from a confrontation with the Supreme Court.

View the link: http://thenews.com.pk/01-10-2010/ethenews/t-1011.htm