In the wake of the recent global financial downturn, a Pakistani youth offers his invented SEMFO plan to avert fiscal and economic default not only of Pakistan but other countries as well, confronting the worst recession. Read on...
This correspondent is a Pakistani youth with media, lobbying and socio-economic experience based skills. Despite lack of resources, any sort of political or governmental support and my middle class family background, I have recently offered my services to avert fiscal and economic default of Pakistan through my invented Socio-Economic Management Formula (SEMFO) plan. Many countries of the world are facing similar situation like that of our country, Pakistan. With my proposed formula plan, I am sure and claim that:
Through the said SEMFO plan, I would enable Pakistan to draft deficit free budget for the next fiscal year despite stern domestic and international economic conditions.
By presenting the said plan I would like to promote this idea that besides government, people from all walks of life should get ahead to get the country out of such crisis-like situation without any political or vested interest.
SEMFO plan is aimed at enabling strong lobbying and image building strategy throughout the world for Pakistan with the help of private sector.
My proposed SEMFO plan will enable country to get rid of trade, fiscal and social sector deficit.
It will enable Pakistan with immediate emergency liquidity funding to tackle the default threat. In the face of Pakistan’s recent requirement for around USD: six to nine billion funds during November 2008, for which Pakistan had to option for the IMF loan facility finally, such funding is possible through the SEMFO plan.
With SEMFO plan, there would be no need to rely only on the IMF or World Bank for our country’s own fiscal and economic budget making, while these donors and agencies like the IMF, WB, ADB and Friends of Pakistan will be engaged as Pakistan’s economic development friendly advisors instead of the only loan providing sources.
I hope that my SEMFO formula would enable the country to avert a default in international market due in February 2009 because of a due payment against USD: 500 billion’s Euro bonds.
SEMFO plan would enable Pakistan to generate funds of about USD: 40 to 50 billion for three and five years’ fiscal period.
SEMFO plan would slash high inflation rate. For example from recent/current inflation rate of 17 per cent can be slashed to two per cent (over all 25 per cent to four per cent), poverty rate of current 40 per cent can be decreased to 15 per cent and gradually at very low level. Besides, this SEMFO plan will make more than 50 per cent increase in currency value.
SEMFO would increase the gross domestic product (GDP) growth rate from three to four per cent to 25 per cent and 50 per cent onward in short period.
My plan would enable the ongoing current account deficit of 15 per cent to around five per cent, Pakistani reserves will be more than USD: 10 billion constant for five years, foreign remittances of Pakistani abroad will be turned into attractive investment plan, which will enable Pakistan to have about USD: 15-20 billion reserves in account.
According to the said SEMFO plan, we would not need to slash a huge amount of 60 to 100 billion rupees but instead of this our budget would provide more than 100 billion rupees for development projects.
Stable and positive purchasing power for all Pakistanis with an investment heaven image of Pakistan is my focus with this plan.
I also offer to prepare a ’Credible Recovery Plan’ of Pakistan for international donor agencies, countries and monetary organisations like the IMF, WB, etc as well as domestic agencies to get Pakistan out of 700 billion rupees outstanding amount, which Pakistan has to pay.
I am quite sure that by implementing this plan, Pakistan would not only become more economic power in the region but would be a leading food and energy resources generating and planning country of the world.
I offer my formula to help the other countries of the world confronting the worst global recession or economic problems. For this purpose, SEMFO will be activated in terms of a non-governmental international think-tank. I also hope for an agenda for change in the current course of economic affairs through my proposed formula plan.
I would like to mention it that SEMFO plan has two salient feature ie (a) enabling an overall socio-economic programme and (b) to implement an international lobbying and image building.
As the above-mentioned offer seems Pakistan specific plan but actually it is a global socio-economic model. I offer my formula plan to help the other countries of the world confronting the worst global recession. I would feel honoured to offer my services for your country/organisation too.
(Note: Statistics quoted above are of October-November, 2008)