Saturday November 17, 2001
Pakistan's Untimely Collapse
US Grants $Billions in Open Credit Line Bailout!
By Howard Hobbs, Ph.D. President
Valley Press Media Network
FRESNO STATE --
A leading Pakistan news page, The Dawn has reported
today the. Bush White House has authorized a U.S. grant of $600,000,000
to assist Pakistan and help keep that government's economy from
However, the total rescue package of
financal assistance announced by the US ambassador, Wendy Chamberlin,
on Thursday at a signing ceremony for the grant, initially amounts
to more than $1,000,000,000.
The bail-out package also includes $300,000,000
in credit for investment promotion from Overseas Private Investment
Corporation (OPIC) and $73,000,000 to merely assist in securing
Pakistan's long border.
Chamberlin told reporters that more $millions
will also be made available to Pakistan through the US Export-Import
Bank and that the Bush White House is requesting that Congress
pass legislation that would permit the government of Pakistan
to make outright purchases of U.S. consumer goods with grant funds
in the US market.
The $600,000,000 grant, however, has
been depicted by the ambassador as "...for direct budget
and balance of payments support which is what the immediate need
According to figures released this week
by the Pakistan government, it has estimated a loss of about $3,000,000,000
to its economy during the current year as a consequence of the
U.S. War on Terrorism.
The immediate economic consequences to Pakistan
have largely been cited in Pakistan press reports as resuilting
from (1) steep increases in shipping and insurance rates, and
(2) frm a sharp hike in fees by importers for the extra cost to
them for checking of export goods for anthrax, and (3) signifigant
numbers of cancellations orders for fear of disruption in supplies
from and through the war zone.
The war footing in Pakistan could likely
result in $billions of U.S. tax money being ripped-off by easioly
finding its way into Pakistan's financing further development
of weapons of mass destruction , or many other non-economic uses
instead of designated emergency health and social sectors of the