Malik calls for formulating NES

ISLAMABAD: Chairman Senate’s Committee on Interior and ex-interior minister Rehman Malik on Sunday proposed through a letter to the prime minister formulate the ‘National Economic Strategy’ (NES) to move forward to get rid of the present economic crises and to set the system to move towards the national prosperity programme on proper result-oriented directions.

In the letter written to Prime Minister Imran Khan, Senate’s Committee chairman Rehman Malik stated that country is passing through unprecedented economic jolt, and this economic crunch, if not handled properly and effectively, may bring irreversible loss to the country. “Let us admit that the present economic crises cannot be fully attributed to the present government, but it is due to some past faulty economic policies of successive governments, and, if now, proper course of action is not adopted to address the situation then history will not be kind to you as the responsibility now rests with you, he stated in his letter written to the prime minister.

Rehman Malik stated that he would not like to elaborate more on it by generating a debate of blame games rather prefer to opt to make some doable suggestions in this connection for your consideration. “I am proposing here a “National Economic Strategy” as a way forward to get rid of the present economic crises and to set the system to move towards the national prosperity programme on proper result-oriented directions,” he stated.

The Senate Committee on Interior chairman proposed that create ‘National Consortium of Pakistani Banks’ to share the burden of foreign debts by 1/ 4th of the total, discuss in parliament, a proposal for China wherein, we may approach China to buy half of our foreign debt with grace period / deferred payment for the period of five years without any interest incurred. China may recover the amount through exports to Pakistan and some other trade arrangements, a part of remaining debt can be cleared by selling prime lands from all the bigger cities to overseas Pakistanis.

Mega commercial plots and high-rise buildings should be built on the model like Sheikh Zahid Road Dubai and establish a bank dedicated and controlled only by Overseas Pakistanis regulated under Pakistani banking laws. “This will generate enough funds for repayments towards foreign debt and contribute towards enhancement of foreign reserves. This Pakistani Overseas Bank may have participation of all the chambers of commerce of Pakistan,” he proposed.

He suggested that the survey of all the mineral resources should be done with total estimate and should be explored immediately through the “National Mineral Exploration Programme”. “The proven underground mineral assets may be converted into bonds and be floated in the international market and whatever proceeding is received may be diverted to retire the foreign debt,” he proposed, adding that table this proposal of support by China in the form of a concrete Proposal seeking the approval of the House to approach the Chinese government during this forth coming visit of yours and convince China for support by accepting this proposal on mutually agreed terms. He proposed the Prime Minister to make additional three Parliamentary Committees to come up with some effective and doable polices on grounds for Fiscal policy, Internal security policy and Foreign Policy.