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Instability in global economy makes Pakistan vulnerable: Daily

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By NewsGram Staff Writer

Islamabad: A leading Pakistan daily said that the sharp swings on the stock market along with pressure on rupee is a reminder that Pakistan is still vulnerable to instability in the global economy, and added that “it is best to be prepared.”

dawn_9830101313831216671An editorial “Financial market gyrations” published in the Dawn on Wednesday said that for the past one year at least, a series of economic crisis have been roiling the global economy to which “we in Pakistan have been little more than spectators.”

“But this week, the sharp volatilities could return very quickly since the crisis in the international markets is far from over.” The editorial said that the exchange rate on the other hand is continuing to feel the stress.

As per the editorial, as a first step, the government should allow the rupee to find its own value. “Investing too much importance in a strong currency is far too old-fashioned a way to view the exchange rate.”

It went on to say that the last “such bail-out following 2008 had to be hastily arranged and was of doubtful merit.”

“It would be better this time, if recourse to public funds should become necessary to prevent systemic risk, for strong guidelines to be in place for transparency as well as to ensure that the funds are not appropriated by the big brokers,” the daily said.

economy

The editorial noted that the sharp volatilities roiling the global markets are escalating and “it would be a grave mistake to seek solace in the notion that Pakistan will remain insulated from these developments”.

“Nobody knows where the volatility will end, and nobody expects that the government can do much to keep it from impacting the country. But a few preparatory steps can go a long way to ensure that the government works to safeguard the public interest should matters deteriorate, rather than have its actions dictated to it in the thick of the crisis by a small cabal of brokers,” it added.

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India Says Pakistan’s Links with Pulwama Attack Clear For All to See

He said while there are claims to offer dialogue from Pakistan, it continues to shelter terror outfits

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Arun Jaitley
"The most favoured nation status which has been granted to Pakistan stands withdrawn.", says Jaitley. Pixabay

India has rejected Pakistan Foreign Secretary Tehmina Janjua’s claims denying her country’s links to the Pulwama terror attack, saying that JeM, which claimed responsibility for the attack on Thursday, is based in Pakistan, and the “links are clear and evident and for all to see”.

The External Affairs Ministry spokesperson on Friday termed as “preposterous” the demand for an investigation, saying there is a video of the suicide bomber declaring himself a member of the terror group Jaish-e-Mohammed (JeM).

The spokesperson said India has not seen any constructive approach from Pakistan on bilateral relations and it has been sheltering terrorists and terror organisations such as JeM. He said Islamabad has not taken any action against such groups despite international demands.

India also demanded that Pakistan take immediate and verifiable action against terrorists and terror groups operating from territories under its control to create a conducive atmosphere in the region free of terror.

The spokesperson’s response came over Pakistan Foreign Secretary’s briefing rejecting Pakistan’s involvement in the terror attack on a paramilitary convoy in Jammu and Kashmir that killed at least 45 troopers. Janjua met envoys of P-5 countries late on Friday.

The spokesperson said JeM has claimed responsibility for the attack.

The Ministry of Foreign Affairs said in a statement that the attack was a matter of “grave concern” and it had been condemning “heightened acts of violence in the (Kashmir) Valley”. Pixabay

“The organisation and its leadership are located in Pakistan. LeT and other terror groups have welcomed the news of the attack. These groups are also based in Pakistan. Pakistan cannot claim that it is unaware of their presence and their activities.

“They have not taken any action against these groups despite international demands, especially against groups and individuals proscribed by the UN and other countries. The links to Pakistan are clear and evident for all to see. Its own Ministers have shared the same podium with UN proscribed terrorists,” the spokesperson said.

He said there was audio-visual material linking JeM to the terror attack.

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“The demand for an investigation is preposterous when there is a video of the suicide bomber declaring himself a member of the JeM. There are also other audio-visual and print material linking JeM to the terrorist attack. We have therefore no doubt that the claim is firmly established,” the spokesperson said.

He said while there are claims to offer dialogue from Pakistan, it continues to shelter terror outfits.

“We have not seen any constructive approach from Pakistan on relations with India. What we have noticed however, are claims to offer dialogue on the one hand, while sponsoring and sheltering terrorists and terrorist organisations such as JeM on the other,” the spokesperson added. (IANS)