Page 14 - Pakistan Link - August 25, 2023

P14 - PAKISTAN LINK - AUGUST 25, 2023 COMMUNITY

MPAC Co-Founder, Abdelhamid Youness, Hafiz Pasha Discusses Pakistan’s
Leaves a Lasting Legacy Economic Situation on InferTalks

n By Elaine Pasquini
Washington, DC
ormer Pakistani finance minister
Dr Hafiz Pasha discussed Paki-
Fstan’s economic situation with
InferTalks host Usama Nizamani on his
August 4, 2023, pro-
gram.
Currently, Paki-
stan’s most pressing
economic issue is the
country’s external debt
of $126 billion. On July
12, however, the International Monetary
Fund approved a nine-month standby
arrangement for Pakistan in the amount
of $3 billion to assist in servicing the
country’s foreign debt obligation.
This year, Pakistan is going to be Dr Hafiz Pasha
spending almost 60 percent of its federal
LOS ANGELES, CA: To God we be- said Salam Al-Marayati, MPAC Presi- budget on paying the interest payments
long, and to Him we shall return. It dent. "His vision and leadership have on debt, Pasha said, and “this is hope-
is with a heavy heart that MPAC an- shaped MPAC into the organization it lessly unsustainable.” Restoring Pakistan’s
nounces the passing of our co-founder, is today, and we are committed to car- economy to the path of “rapid, inclusive
Abdelhamid Youness. rying forward his mission of fostering and sustainable growth” is a top prior-
A visionary leader and tireless ad- a more inclusive and equitable society, ity for the government, requiring strong
vocate, Abdelhamid Youness passed and making Islam a positive and inte- measures and reforms, he added.
away peacefully on Sunday, August 20, gral element in American pluralism." Another dominating problem is the
2023. His departure leaves a void in Under Youness' guidance, MPAC large imbalance between Pakistan’s ex-
our hearts, but his unwavering spirit remains at the forefront of advocating ports and imports. “There have been
and commitment to creating a more for the rights of American Muslims, years where our imports were nearly
inclusive environment for Muslims in promoting religious freedom, and double our exports,” he explained.
America will always be remembered. combating Islamophobia. His strategic “Clearly that is unsustainable because it
Mr Youness was a driving force behind vision and ability to bring diverse com- leads to a very large trade deficit.”
the establishment of MPAC more than munities together is instrumental in Large flows of remittances from Paki-
35 years ago. His steadfast dedication fostering dialogue and understanding stanis living abroad have helped Pakistan’s
in establishing a presence in civic spac- between Muslims and people of other economy, but there are years when the Usman Nizamani
es for Muslims in America earned him faiths. gap becomes too large. Two years ago, the
respect and admiration from all who As we mourn the loss of a remark- economist noted, there was a gap of al- to 20 years, cotton, “through some very stated, praising the Pakistani govern-
knew him. He and his wife, the late Dr able leader, we also celebrate the ex- most $17.5 billion in the current account injudicious and interest-driven politics” ment for working on climate and other
Ehsan Youness, may God rest her soul, traordinary life and legacy of Abdelha- deficit which led to a massive depletion of was replaced by sugarcane, he continued. programs. “We were fortunate when we
opened their hearts and homes to host mid Youness. His dedication to justice, Pakistan’s foreign exchange reserves. “And today Pakistan needs to import went to the conference on financing of
events for MPAC, and engage stake- compassion, and equality will continue In addition, climate change needs to almost 40 percent of its requirements the flood reconstruction, we were able
holders on behalf of our community. to guide MPAC's work as we strive to be tackled immediately as global warm- of cotton. After independence, Pakistan to mobilize about $9.5 billion, some of it
“Mr. Youness was an inspiration to create a society that values diversity, ing is beginning to have a serious impact was the major exporter of cotton to In- diverted from other projects. There is a
us all, and his legacy - including MPAC human rights, and upholds the prin- on the glaciers in Pakistan, leading to dia. Today, indirectly, or otherwise, Paki- realization globally that Pakistan is one
- will live on for generations to come," ciples of justice for all. large outflows of water causing flooding stan is a major importer of cotton from of the most vulnerable countries and we
in the delta region. Last year’s historic India. That is the extent to which our have to give top priority to investment in
floods cost the economy $30 billion. agricultural sector has not been able to flood mitigation and management.”
Memorable Sadequain Immersive Sadequain from obscurity. Amid Pakistan’s declining GDP, last cater to the needs of our country.” Pakistan continues its efforts to in-
Art Experience in Islamabad year over one hundred million people fell On a positive note, however, over the crease foreign direct investment in the
(Continued from page 13) below the poverty line. “This has never last few years the government has “re- country and to enhance the ease of doing
gaging and intriguing while the color- happened before,” Pasha lamented. “The stored the cotton support price and this business with “one window operations”
ful mosaic depicts far away galaxies, unemployment rate in this country is ap- year we have offered a good price and we provided by the Board of Investment, Pa-
whirling planets, and shooting stars proaching nine percent and last year two need now, however, to go to the other ex- sha explained.
conjuring up an awe-inspiring sight. million workers lost their jobs.” treme of withdrawing the support price “Now this is a welcome step but for
Sadequain is the most celebrated At one time, Pakistan was one of the for sugarcane,” he said. “So, if we move this to happen we will have to clearly im-
artist of Pakistan. He was recognized largest textile exporters, he pointed out. out of sugarcane and increasingly move prove the regulatory functions and the
in all five continents in his lifetime. The Now that position goes to Bangladesh. towards cotton, back it up with adequate massive amounts of documentation that
government of Pakistan established “So, the problem is basically that Paki- fertilizer pricing and adequate credit par- are required…and the illicit transactions
three institutions in his name, and stan has not invested adequately in mod- ticularly to the farmers in south Punjab that inevitably take place,” he said. “This
awarded him the four highest civilian ernization of its industry to make it more where much of the cotton is grown, and could be reduced by stopping human
awards in the field of arts; no other competitive,” he said. Among other in- go with the proper set of economic and face contact and the establishment of
individual can make these claims. His frastructure limitations, the cost of elec- financial policies, we should be able to proper internet and other arrangements.
work was recently featured on a newly tricity is reducing Pakistan’s competitive- once again come back to about 14 to 15 Pakistan can move to the twenty-first
issued 75-rupee note by the State Bank ness. “The power sector is the black hole million bales of cotton.” century in terms of transactions.”
of Pakistan; an honor no one else can which has begun to restrict the economy Pasha agreed with Nizamani’s point In addition, we have to ensure that
claim. and its financial viability,” Pasha noted. that, considering climate-induced haz- we have the “necessary financial where-
Imarat Builders’ tribute to Sad- “Pakistan has one of the largest losses in ards that occur, some kind of insurance withal” to meet our obligations and
equain is a befitting honor bestowed this sector in the world,” with transmis- policy might be needed with respect to other problems, he concluded. “Efforts
upon him. SADEQUAIN Foundation Dr Salman Ahmad is an electrical sion, distribution and billing losses close farmers’ crop production. at trying to mobilize large amounts of
USA was proud to have collaborated in engineer by profession. He spent more to 25 percent. “You can never sustain a Pakistan needs some measures of foreign investment particularly from
this worthy endeavor. than thirty years working on nuclear sector with this kind of loss. We need to crop insurance, he said. “This is some- the Middle East in our mineral, agri-
Established in 2007, SADEQUAIN missile technology in senior execu- improve management of the sector.” But, thing we have never really worked on, cultural and IT sectors are welcome, but
Foundation is a not-for-profit organi- tive positions in the United States and he added, Pakistan’s government “has but other countries have developed sys- they’ll have to be based on hardcore re-
zation dedicated to discovering, pre- was the founder and president of an taken the right decision to move toward tems of crop insurance at relatively low alism and on really facilitating one step
serving, and promoting Sadequain’s art electronics communications company renewable energy and nuclear energy.” cost and that should be built into the window operations.”
globally. To that end, the Foundation for seven years. He founded the SAD- Another “unfortunate problem,” Pa- financial arrangements particularly with (Elaine Pasquini is a freelance jour-
has published 25 books on Sadequain’s EQUAIN Foundation in June 2007 to sha said, is the demise of the cotton crop, the medium-size and large farmers.” nalist. Her reports appear in the Wash-
life and work and curated more than catalog Sadequain’s work and intro- which is the “single most important raw “We need to develop a resilience and ington Report on Middle East Affairs
100 seminars and exhibitions around duce it to the world. He has authored material for our exports.” Over the last 15 action plan against climate change,” he and Nuze.Ink.)
the globe resulting in resurrection of 24 books on Sadequain.
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