Government should emphasize on utilization of external loans for economic development, increasing exports.

1 month ago 29

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LAHORE: Trade union leaders of public sector corporations have urged the government to seek and use external loans only to boost the country’s economic growth and exports.

According to a press release issued on Monday, speakers at a workshop organized by Public Sector International (PSI) in Lahore said that the country’s economic outlook, social indicators and human rights record show that external debt has not played a significant role in socio-economics. development, improving the delivery of public services or achieving respect for people’s rights. He stressed the need to revise the country’s strategy for obtaining and using external loans in the future.

Speakers demanded that international donors and creditors ensure that new loans to Pakistan do not affect its ability to meet its human rights obligations. refrain from financing projects that violate human rights; Avoid linking policy measures to loans and debt relief. Suspension of loan repayment in circumstances beyond the borrower’s control.

He advised the government to make loans a part of the economic development strategy. He recommended that the government assess the human rights impact of borrowing states before and after determining reforms. Ensure that transaction terms and proposals do not undermine the Borrower/Recipient State’s ability to respect, protect and fulfill its human rights obligations.

He pointed out that, like many other developing countries, Pakistan’s debt burden, repayment, bad debt utilization and creditor conditions (such as austerity, privatization and regressive economic reforms) are not consistent with the Sustainable Development Goals (SDGs). There are challenges to acquisition. Respect for people’s rights.

He asked lenders to ensure transparent periodic debt audits on debt sustainability assessment and debt impact on human rights and achievement of development goals. Additionally, creditors must establish an independent international debt exercise mechanism. Speakers proposed a list of measures to ensure the compatibility of reform policies with states’ human rights obligations.

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