1. GROUP MEMBERS ZAHRA NAEEM 108MAHNOOR SHAHID 123MOINA KHAN113ROOBASH TAZEEN 134IQRA IDREES114SHIZA QAZMIABDUL FAHAD 80115HIRA FAZAL121

2. MOINA KHAN 12-BS-S-113 3. CONDITIONING ON FOREIGN DEBT 4. TABLE OF CONTENT INTRODUCTION OF FOREIGN DEBT WORLD BANK & IMF, COMPARISON, OBJECTIVES OF IMF ,IMF ASSISTANCE TO PAKISTAN WHY PAKISTAN TAKE FOREIGN LOANS ALLOCATIONS OF FOREIGN LOANS ECONOMIC IMPACT OF IMF CONITIONALITIES EFFECT ON HEALTH AND EDUCATION SECTOR PAKISTAN SOVEREIGNTY. WESTERNIZED CULTURE IN PAKISTAN EFFECTS OF OPEN MEDIA ON OUR CULTURE AND ECONOMY 5. FOREIGN DEBT AN OUTSTANDING LOAN THAT ONE COUNTRY OWES TO ANOTHER COUNTRY OR INSTITUTIONS WITHIN THAT COUNTRY. FOREIGN DEBT ALSO INCLUDES DUE PAYMENTS TO INTERNATIONAL ORGANIZATIONS SUCH AS THE INTERNATIONAL MONETARY FUND (IMF). THE DEBT MAY BE COMPRISED OF FEES FOR GOODS AND SERVICES OR OUTSTANDING CREDIT DUE TO A NEGATIVE BALANCE OF TRADE. TOTAL FOREIGN DEBT CAN BE A COMBINATION OF SHORT-TERM AND LONG-TERM LIABILITIES. 6. WORLD BANK THE WORLD BANK IS ONE OF THE WORLDS LARGEST SOURCES OF FUNDING AND KNOWLEDGE TO SUPPORT GOVERNMENTS OF MEMBER COUNTRIES IN THEIR EFFORTS TO INVEST IN SCHOOLS AND HEALTH CENTERS.. THE WORLD BANK IS AN INTERNATIONAL ORGANIZATION OWNED BY THE 184 COUNTRIES. 7. INTERNATIONAL MONETARY FUND(IMF) THE INTERNATIONAL MONETARY FUND (IMF) IS AN ORGANIZATION OF 186 COUNTRIES, WORKING TO HELP THE DEVELOPMENT OF GLOBAL MONETARY COOPERATION, SECURE FINANCIAL STABILITY, FACILITATE INTERNATIONAL TRADE, PROMOTE HIGH EMPLOYMENT AND SUSTAINABLE ECONOMIC GROWTH, AND REDUCE POVERTY AROUND THE WORLD. THE IMFS FUNDAMENTAL MISSION IS TO HELP ENSURE STABILITY IN THE INTERNATIONAL SYSTEM. 8. COMPARISON WORLD BANK PROVIDES SUPPORT TO DEVELOPING COUNTRIES. IN ORDER TO INVEST IN SCHOOLS AND HEALTH CENTERS, PROVIDE WATER AND ELECTRICITY, FIGHT DISEASE AND PROTECT THE ENVIRONMENTS THE IMF AIMS TO STABILIZE THE INTERNATIONAL MONETARY SYSTEM AND MONITORS THE WORLDS CURRENCIES. 9. OBJECTIVES OF IMF PROVIDE LOAN TO THE MEMBERS FOR REMOVING UNFAVORABLE BALANCE OF PAYMENT. DETERMINE THE VALUE OF CURRENCY OF MEMBER COUNTRIES. DETERMINE THE ECONOMIC POLICIES MAIN CONTENTS OF MEMBERS COUNTRIES. TO MAKE PLAN FOR INCREASING PER CAPITA INCOME OF MEMBER COUNTRIES. TO COLLECT MONEY FROM MEMBER COUNTRIES IN THE FORM OF FUND OR RESERVES. LATEST OBJECTIVE IN IMF IS THAT IT WILL SUPPORT 3 TRILLION DOLLARS UNDER HIS BUDGET FOR DECREASING THE PRESSURE OF 2000 RECESSION. 10. IMF ASSISTANCE TO PAKISTAN THE QUESTION IN MY MIND IS THAT WHEN AND HOW MUCH WAS LENT TO PAKISTAN BY IMF. PAKISTAN JOINED IMF ON 11TH JULY, 1950. IMF IS PROVIDING FINANCIAL ASSISTANCE TO PAKISTAN SINCE 1952. ACCORDING TO 1977 AGREEMENT, PAKISTAN BORROWED 1193 MILLION DOLLARS FROM IMF. ACCORDING TO 1980 AGREEMENT, IMF PROVIDED $1.7 BILLION TO PAKISTAN FOR THE PERIOD OF 1980-83. ACCORDING TO 1988 AGREEMENT, IMF GAVE THE ASSISTANCE OF $900 MILLION TO PAKISTAN. 11. ACCORDING TO 1994 AGREEMENT, THE AGREEMENT WAS EXTENDED TO SEPTEMBER, 1997, INSTEAD OF FEBRUARY, 1997, WHILE THE AMOUNT OF LOAN WAS RAISED FROM $250 MILLION TO $850 MILLION.ACCORDING TO 1997 AGREEMENT, THIS PERIOD IS OF THREE YEARS FROM 1ST JULY, 1997 TO 30 JUNE, 2000. PAKISTAN DEMANDED A LOT OF AMOUNT AS FINANCIAL AID BUT IMF SANCTIONED $500 MILLION ON JANUARY 14, 1999. ACCORDING TO 2003-04 AGREEMENT, PAKISTAN GOT THE ENTIRE AMOUNT WHICH WAS SANCTIONED BY IMF WHICH IS $1.47 BILLION DOLLARS ACCORDING TO 2008 AGREEMENT, THE IMFS EXECUTIVE BOARD HAS APPROVED A $7.6 BILLION LOAN FOR PAKISTAN. ACCORDING TO 2009 AGREEMENT, THE IMF GAVE 7.6 BILLION TO PAKISTAN. 12. IQRA IDREES 12-BS-S-114 13. WHY PAKISTAN HAVE TO TAKE FOREIGN LOANS (IMF): Pakistan has been suffering from economic crises since its inception To keep the balance of payments in check and to meet the financial obligations government of Pakistan unfortunately always resort to take loans Since the late 1980s, it has been imposing various conditions on successive governments increasingly crippled by debt servicing 14. PAKISTAN ECONOMIC INSTABILITY:Pakistan is facing economic challenges vis-a-vis fiscal deficit, trade deficit and current account deficit. The list is rather long. Deteriorating law and order situation, corruption, flawed decisions of inept leadership, energy shortfall and prohibitive cost of energy have made many industries unviable. In the last budget, the government reckoned 4.3 per cent economic growth, but with extensive gas and load shedding it was rather nave to set the unrealistic target. 15. INFLATION Inflation erodes the incomes of the people, especially salaried class and fixed income groups The magnitude of the public debt limits the fiscal space to invest in human development, in infrastructure and capacity to build strong defense The threats faced by Pakistan have to be understood in the light of fast changing regional and international situation. 16. UTILITIES: Utilities, such as electricity, gas and water is another area where IMF has been pushing to enhance rates to the detriment of common man. . In the domestic market, people have to pay more for everything, which erodes the incomes of salaried class and fixed income groups, pushing more and more people below the poverty line. 17. POVERTY: Almost six loan arrangements were made during the regime of Benazir Bhutto, two under Nawaz Sharif and two under Musharraf to stabilize the economy and reduce poverty.EDUCATION: There is higher need to spend a large amount of our budget or foreign loans on education sector. Only about 20% percent of our population is literate 18. SECTORS: As a primarily agrarian economy, farmers continue to complain about government policies especially over the use of fertilizers and the MFN status with India. So there also need to take loans for agricultural sector. In industrial sector, financial resources are squandered on the purchase of equipment and inefficient staff in such types of things government would have to focus spent a little amount of foreign loans 19. FISCAL DEFICIT: In Pakistan persistent fiscal imbalances have contributed to low national saving and investment, impeding growth performance. While it is, no doubt clear, as the experiences of several parts of the developing world have shown, that international donor agencies like the World Bank and the IMF do generally speaking represent the interests of the industrialized world, their persistent call to reduce the fiscal deficit does have its merits. But it is not a question of what we are to do, but more one of how we are to do it. 20. ELECTRICITY: Pakistan is facing through a great problem that is energy crisis. Our all sector especially industrial sector is suffering a great lose due to this. Although Pakistan have many different ways to generate electricity but due to IMF and world bank conditionalitys Pakistan is badly bound to use most expensive mean of electricity which is on the other side not able to fulfill the present current need. 21. MAHNOOR SHAHID 12-BS-S-123 22. ALLOCATION OF FOREIGN LOANS: CORRUPTION: THE AID MONEY HAS EITHER BEEN WASTED THROUGH ILL-PLANNING, CORRUPTION AND LOW-PRIORITY PUBLIC EXPENDITURE OR IT WAS NOT DIRECTED TOWARDS THE PEOPLE AT ALL. CORRUPTION IS THE ROOT CAUSE TO TAKE THAT MUCH LOANS FROM IMF AND WORLD BANK. PAKISTAN RECEIVES FOREIGN AID FROM SEVERAL DIFFERENT COUNTRIES AND THE INTERNATIONAL COMMUNITY. CORRUPTION OR ANY MISUSE OF GOVERNMENTAL POWER FOR PERSONAL BENEFITS IS A PHENOMENON PREVAILING IN ADMINISTRATIVE AND POLITICAL SYSTEMS OF DIFFERENT COUNTRIES. 23. POLITICAL AND STRATEGICALLY CONSIDERATION: THE MOTIVATION OF AID MAY ALSO STEM FROM POLITICAL AND STRATEGIC CONSIDERATIONS. POLITICAL AND STRATEGIC CONSIDERATIONS ALSO DETERMINE THE DIRECTION OF FOREIGN AID. IT IS NOT ONLY DIRECT US AID THAT IS DICTATED BY POLITICAL AND GEOSTRATEGIC CONSIDERATIONS, BUT ALSO THE LOANS AND AID PROVIDED BY THE MULTILATERAL INSTITUTIONS LIKE THE IMF AND THE WORLD BANK ARE ALSO INFLUENCED BY POLITICAL CONSIDERATIONS WHERE THE US PLAYS A KEY ROLE. 24. ISLAMABAD, JAN 29: OVER THE PAST 54 MONTHS, THE PPP-LEDCOALITION GOVERNMENT HAS GIVEN TAX EXEMPTIONS TO CERTAIN INFLUENTIAL LOBBIES AND THE ELITES WHICH AMOUNT TO MORE THAN THE LOANS ACQUIRED FROM THE INTERNATIONAL MONETARY FUND TO CORRECT THE BALANCE OF PAYMENT. THE NATIONAL DATABASE AND REGISTRATION AUTHORITY HAS IDENTIFIED 3.8 MILLION PEOPLE WHO ARE NOT PAYINGTAXES. 25. SHIZA KAZMI 12-BS-S-115 26. ECONOMIC IMPACT OF IMF CONITIONALITIES 27. INTRODUCTION OF ECONOMY PAKISTANS ECONOMIC HISTORY PAKISTAN AVERAGE ECONOMIC GROWTHINDUSTRIAL SECTOR GROWTHECONOMIC DEVELOPMENTPAKISTANS ECONOMY TODAY ECONOMIC & FINANCIAL CRISISBALANCE OF PAYMENT CRISISSPIRALING INFLATION ECONOMIC DOWNFALL. 28. IMF LENDING AND THEIR POLICIES IMF ACT AS A MONEY LENDER OF ALL DEVELOPING COUNTRIES MAIN PURPOSE IS TO MACROECONOMIC STABILITY IMF POLICIES OF ENHANCE LENDING FRAMEWORK POVERTY REDUCTION NEOLIBERALISM SAPS AND WASHINGTON CONSENSUS 29. CONDITIONALITY'S CONDITIONALITY'S REFER TO THE SET OF MECHANISMS IN THE DEVELOPMENT POLICY LENDING THAT THE IFIS OR DONOR COUNTRIES USE TO IMPOSE POLICIES, SUCH AS MARKET-OPENING, DEREGULATION OR PRIVATIZATION ON POOR COUNTRIES.TYPES OF CONDITIONALITIES 30. IMF CONDITIONALITIES AFFECT PAKISTANS ECONOMY 1 2 3 Increase in indirect tax(GST) to balance the budget. 31. ACCERLATING INFLATION THE IMF SINK POOR COUNTRIES INTO POVERTY DUE TO INFLATIONTHE RISE IN THE PRICE OF OIL CAUSED FOOD CRISISINFLATION LED TO INCREASE THE CHARGES OF GAS, ELECTRICITY, PETROL AND TELEPHONEMONOPOLISTIC MARKET STRUCTURES 32. SAKEEB SHERANI OF THE ROYAL BANK OF SCOTLAND TOLD A MEETING ORGANIZED BY PAKISTAN'S CENTRE FOR RESEARCH AND SECURITY STUDIES THAT THE IMF PACKAGE WILL CAUSE UP TO THREE MILLION JOB CUTS IN DEFERMENT SECTORS AND PUSH ANOTHER 5.6 MILLION TO 7.5 MILLION PAKISTANIS INTO POVERTY OVER THE NEXT TWO YEARS." 33. WIDENING FISCAL DEFICIT THE BIGGEST CONDITION AGAINST THIS LOAN WAS TO REDUCE THE FISCAL DEFICIT. FOR THIS PURPOSE THEY ASKED THE GOVERNMENT TO INCREASE THE PRICES OF PUBLIC ENTERPRISES. THE TAX STRUCTURE WILL BE CHANGED. HIGHER FISCAL DEFICIT AND PUBLIC DEBT LEAD TO INCREASE IN LONG-TERM INTEREST RATES WHICH LEADS TO FINANCIAL CRISIS AND ECONOMIC DISTRESS. 34. PRIVATIZATION EXPLOITATION O PUBLIC SECTOR WORKERSPERPETUATING POVERTY AFFECT ON GOVERNMENT SPENDING INCREASE UNEMPLOYMENT IN PAKISTAN 35. ROOBASH TAZEEN 12-BS-S-134 36. Effect on education IN PAKISTAN EDUCATION STANDARDS ARE GOING DOWN, HEALTH STANDARDS GOING DOWN AND INFRASTRUCTURE IS LITERALLY BREAKING UP JUST BECAUSE OF THESE CONDITIONSReduce spending on education and health services 37. THE LONG TERM EFFECT OF NEGLECTING TO EDUCATE YOUR CHILDREN IS FINDING YOU HAVE A LARGE PROPORTION OF YOUTH POPULATION WITHOUT THE SKILLS NEEDED TO FIND WORK AND CONTRIBUTE TO ECONOMIC GROWTH.High economic growth in Japan and South Korea is likely due to the high level of literacy 38. IMF PUTS SUCH TYPE OF CONDITIONALITYS TO US WHICH MAKES OUR PEOPLE TO BE CRUSHED AND RUINED. 39. EFFECT ON HEALTH SECTOR HEALTH IS INDISPENSABLE PREREQUISITE FOR ECONOMIC GROWTH AND DEVELOPMENT IN A COUNTRY AT THE MACRO LEVEL. According to a report by WHO Commission on Macroeconomics and Health, US$ 34 per capita is required for a package of essential health services in Pakistan. However, the total expenditure on health in Pakistan is US$ 18 per capita 40. THERE IS NOW AMPLE EVIDENCE OF HOW IMFIMPOSED WAGE CEILINGS HAVE CONSTRAINED THE ABILITY OF GOVERNMENTS TO HIRE ADEQUATE NUMBERS OF TRAINED PROFESSIONALS 41. EFFECT OF EXPORTING MORECOMMODITIES . COMMODITIES AND RAW MATERIALS ARE ASKED TO BE EXPORTED, IMPORT FINISHED PRODUCTS THEY DEVALUE OUR NATIONAL CURRENCY TO MAKE EXPORTS CHEAPER THIS LEADS TO LESS CIRCULATION OF MONEY IN OUR OWN ECONOMY AND A SMALLER MULTIPLIER EFFECT DEVELOPED COUNTRIES GROW RICH BY SELLING THUS CHEAP PRODUCTS FOR A HIGH PRICE AND BUYING THUS EXPENSIVE PRODUCTS FOR A LOW PRICE 42. ENDING SUBSIDIES ON GAS AND ELECTRICITY THESE SUBSIDIES REDUCES COSTS FOR CONSUMERS AND PRODUCERS . IT IS THE ONE OF THE BASIC REQUIREMENT OF ECONOMIC DEVELOPMENT AND AN ADEQUATE STANDARD FOR LIVING IF SUBSIDIES ARE COUNTED, THE LARGEST OFFENDERS ARE THE UNITED STATES, CHINA AND RUSSIA TOGETHER THEIR SUBSIDIES REACH NEARLY $900 BILLION WORTH 43. IN SHORT THEY ACTUALLY EXPLOIT ALL THE MAJOR SECTORS OF THE COUNTRY AND MAKE SURE THAT THE COUNTRY WILL NEVER BE ABLE TO GET OUT OF THEIR HANDS. FOR A COUNTRY LIKE PAKISTAN THESE SEVERE AND RIGID CONDITIONS ARE BOUND TO MAKE THEM THE PERMANENT SLAVE OF IMF. THEY DICTATE THEIR OWN TERMS AND POLICIES IN EXCHANGE OF EVERY LOAN. 44. ABDUL FAHAD 12-BS-S-80 45. PAKISTAN SOVEREIGNTY. DRONES ATTACKS. PAKISTANS RESPONSE. SALALA CHECK POST. OSAMA BIN LADIN AND BLACKWATER. RAYMOND DAVIS. 46. DRONES ATTACK YEARUSA STRUCK PAKISTAN 140 TIMES SINCE 2004 AND 44 TIMES THIS YEAR.INCIDENTKILLEDINJURED2005110200600020071201520081915617200946536752010908318520115954852201246344372013107318TOTAL2722509299+ 47. PAKISTANS RESPONSE AGAINST DRONES. GENERAL DAVID PETRAEUS WAS TOLD IN NOVEMBER 2008 THAT THESE STRIKES WERE UNHELPFUL. OCTOBER 4, 2008 THE WASHINGTON POST REPORTED THAT THERE WAS A SECRET DEAL BETWEEN THE US AND PAKISTAN.US SENATOR DIANNE FEINSTEIN SAID IN FEBRUARY 2009: AS I UNDERSTAND IT, THESE ARE FLOWN OUT OF A PAKISTANI BASE. PAKISTANI FOREIGN MINISTER SHAH MEHMOOD QURESHI DENIED THAT THIS WAS TRUE. 48. SALALA CHECK POST. 49. OSAMA BIL LADEN AND BLACKWATER. A CIA-LED OPERATION HAS KILLED OSAMA BIN LADEN IN PAKISTAN.HE WAS KILLED IN MAY 2, 2011 IN ABBOTTABAD. THE US CONTRACTOR BLACK WATER IS OPERATING IN PAKISTAN AT A SECRET CIA .CIA CO-ORDINATED MISSILE STRIKES THAT HAVE HIT MORE THAN 40 TARGETS IN THE PAST YEAR. OFFICIALS IN WASHINGTON SAID THAT A DRONE ATTACK ON WEDNESDAY KILLED A SENIOR AL-QAIDA FIGURE. 50. JAN 26: RAYMOND DAVIS, AN AMERICAN OFFICIAL, SHOT TWO PAKISTANI MEN IN WHAT HE SAID WAS SELF-DEFENSE IN A MARKET AREA IN LAHORE. JAN 27: RAYMOND DAVIS IS HELD BY POLICE AUTHORITIES FOR THE SHOOTINGS. FEB 2: INTERIOR MINISTER REHMAN MALIK STATES THAT RAYMOND DAVIS HOLDS A DIPLOMATIC PASSPORT. FEB 4: PAKISTANI GOVERNMENT SOURCES CLAIM THAT RAYMOND DAVISS DIPLOMATIC IMMUNITY APPEARS TO BE DUBIOUS.RAYMOND DAVIS. 51. ZAHRA NAEEM 12-BS-S-108 52. WESTERNIZED CULTURE IN PAKISTAN PAKISTANI ECONOMY HAS UNDERGOING IN MASSIVE CULTURAL CHANGE RAPIDLY. PAKISTANI PEOPLE ARE ADOPTING THE WESTERN CULTURE INCREASINGLY. PEOPLE ARE ADOPTING THE EUROPEAN CULTURE BY WATCHING THEIR MOVIE AND DRAMAS. THIS IS DROWNING THE PAKISTANI VALUES AND OUR RITUALS, TRADITIONS AND VALUES ARE ELIMINATING AND FILLED WITH WESTERN CUSTOMS. . MAGAZINES AND CERTAIN TV SHOWS DISCUSS EXTREMELY OPEN ISSUES THAT ARE OUT OF THE SCENE IF PEOPLE TAKE INTO ACCOUNT OUR CULTURE, TRADITION AND RELIGIOUS VALUES. 53. LANGUAGE CONFUSION URDU IS ONE OF THE RICHEST LANGUAGES AND ALSO THE NATIONAL LANGUAGE OF PAKISTAN. THANKS TO THE FOREIGN MEDIA AND THE SO-CALLED MENTALITY OF OUR YOUTH WHICH SUGGEST THAT YOURE A LITERATE PERSON ONLY IF YOU SPEAK IN ENGLISH. WE FEEL PROUD WHILE CONVERSING IN ENGLISH EVEN IF WERE SPEAKING IT WRONG BUT WE FEEL DEGRADED AND ILLITERATE IF WE SPEAK IN OUR MOTHER TONGUE. IN MOST OF THE EDUCATIONAL INSTITUTES AND WORKING PLACES IN PAKISTAN ONE CAN GET JOB ONLY IF THAT PERSON KNOWS ENGLISH. ENGLISH AND URDU IS THERE IN OUR ROUTINE CONVERSATION. MOST OF US DONT EVEN KNOW THE URDU COUNTING AFTER 20, DO WE? 54. EDUCATION SYSTEM WE CAN SEE THAT SOME SYLLABUS BOOKS, LIKE ISLAMIC STUDIES, WHICH IS OF GREAT IMPORTANCE AS PAKISTAN IS AN ISLAMIC COUNTRY, WHICH WAS PART OF THE SYLLABUS IS SEPARATED FROM THE SYLLABUS IT SHOULD BE INCLUDED IN THE SYLLABUS AS IT IS NECESSARY TO HAVE ISLAMIC EDUCATION. IN CO-EDUCATION, MANY INSTITUTES THE STUDENTS ARE INVOLVED IN SUCH KIND OF ACTIVITIES WHICH ARE CONSIDERED AS OBSCENE. THAT IS ALSO NOT A PART OF OUR CULTURE AND IS SO FAR FROM OUR MORAL VALUES. 55. INFLUENCE OF WESTERNIZATION ON DRESSING THESE DAYS WESTERN INFLUENCE CAN BE SEEN ALL AROUND, BUT MOST SPECIFICALLY IT CAN BE SEEN IN THE WAY PAKISTANIS HAVE STARTED DRESSING UP. WHATEVER FASHION BECOMES POPULAR ABROAD, IT IS BEING ADOPTED BY PEOPLE HERE, WITHOUT THINKING THAT IT IS NOT MEANT FOR THEIR BODY TYPE OR CULTURAL VALUES. FOR EXAMPLE: FOR THE LAST FEW YEARS THE TREND OF PANTS, JEANS, CAPRIES, SHORT SHIRTS, SLEEVELESS HAS BEEN INCREASED. 56. CELEBRATIONS AND RITUALS NOWADAYS, WITH THE CHANGING TRENDS IN FASHION AND LIFESTYLE, YOUNGSTERS HAVE BECOME TOO MUCH INFLUENCED BY MEDIA AND THEIR SURROUNDINGS THAT THEIR INTERESTS HAVE DIVERTED ELSEWHERE. FOR EXAMPLE, THEY ARE MORE ENTHUSIASTIC ABOUT HOLLY, DIWALI, CHRISTMAS, HALLOWEEN, AND NEW YEAR. 57. INFLUENCE OF WESTERN CULTURE ON RELIGIOUS VALUES WESTERNIZATION HAS INTRUDED SO DEEPLY INTO OUR CULTURE THAT THE ISLAMIC VALUES AND ADAABS HAVE FADED AWAY. THE OBLIGATIONS OF A MUSLIM HAVE LONG BEEN FORGOTTEN. ALTHOUGH IN SOME INSTITUTES AND ORGANIZATIONS STUDENTS AND WORKERS WEARING ABAYAS ARE CONSIDER AS RESERVED PERSONALITIES AND THEIR SOME CO-WORKERS THINK THAT THEY WOULD NOT EVEN MATCH THEIR MENTALITY AND THINK THEM AS A BACKWARD PERSON... IF THIS IS MODERNIZATION AND DEVELOPMENT THEN WE SHOULD SHAME ON OURSELVES. 58. MARRIAGE CEREMONIES WE LIVE IN A SOCIETY WHERE MARRIAGES ARE MORE OF THE SHOW-OFF, THE MORE THE MERRIER. A LOT OF MONEY IS SPENT TO ORGANIZE THE MOST LAVISH MAYOU AND MEHNDI . WEDDING PLANNERS ARE HIRED, CHOREOGRAPHERS AND DJS ARE CALLED FOR DANCE AND MUSIC. SUCH THINGS COME FROM THE INDIAN TRADITIONS, THESE WERE NEVER A PART OF OUR MUSLIMS TRADITIONS AND THEY ARE SIMPLY A WASTE OF MONEY. 59. HIRA FAZAL 12-BS-S-121 60. EFFECTS OF OPEN MEDIA ON OUR CULTURE AND ECONOMY CULTURE OF WEARING HEAVY MAKE UP AND DESIGNER DRESSES OF NEWSCASTERS. CULTURE OF NOT WEARING DUPATTA. FEMALE NEWSCASTERS ARE NOW TREATED AS SHOW PIECE OF THE NEWS CHANNEL. DEMAND FOR GOOD LOOKING WOMEN FOR JOB IN NEWS PAPER. NOW A DAYS IT IS MAKE NECESSARY THAT A MALE AND A FEMALE NEWSCASTER WILL DELIVER NEWS AND IN RESULT THERE IS A HUGE INCREASE IN MEN AND WOMEN COODINATION 61. SUGGESTIONS SHOULD RELAY ON ITS NATURAL RESOURCES MAKING OPPORTUNITIES THAT FOREIGN INVESTMENT SHOULD ATTRACT TOWARDS US. REMOVE CORRUPTION NEED HONEST AND EDUCATED PEOPLE ON TOP LEVEL AND CAN MAKE EFFECTIVE STRATEGIES. NEED TO INCREASE EXPORT. SINCERITY IS THE KEY OF SUCCESS SO WE SHOULD ALL SINCERE WITH OUR HOMELAND. 62. CONCLUSION ACCORDING TO DESIRED SITUATION, HUGE AMOUNT OF LOANS FROM IMF SHOULD HAVE STABILIZED THE PAKISTAN ECONOMY AND BALANCE OF PAYMENT BY NOW BUT THE CONDITION OF PAKISTAN ECONOMY AND EXCHANGE RATES ARE NOT EVEN CLOSE OF GETTING STABILIZED. HERE A VERY RATIONAL QUESTION ARISES THAT WHY TAKING HUGE AMOUNT LOANS FROM IMF ARE NOT PAYING OFF? 63. THE ANSWER IS VERY SIMPLE WHICH IS SOMEHOW NOT GETTING INTO THE MIND OF OUR GOVERNMENT POLICY MAKERS. GREAT COUNTRIES ARE CONTROLLING IMF. THEY HAVE MADE CONDITIONS AND POLICIES, WHICH ARE ACCORDING TO THEIR OWN ECONOMIC CONDITIONS. THEY ARE VERY DEVELOPED ADVANCED AND EDUCATED COUNTRIES. THEY COPE UP WITH ALL THE TERMS AND CONDITIONS OF IMF QUITE EASILY. HOWEVER UNDER DEVELOPED COUNTRIES LIKE PAKISTAN HAVE LIMITED RESOURCES AND LACK OF STRATEGIC POLICIES. THEY EASILY BECOME VICTIM OF SEVERE TERMS AND CONDITIONS OF IMF AND LOSE EVERYTHING INCLUDING THEIR SOVEREIGNTY AND CONTROL OVER STATE.