Pakistan

Pakistan: poor economy, rich country

Saqib Omer Saeed June 02, 2010

It was January 2008, a relatively cold morning in Dubai. I was walking on Shaikh Zayed Road after parking my car about 300 meters from the meeting point with my client. I stopped suddenly before Crown Plaza upon hearing a Pakistani labourer arguing with a guy, claiming that UAE was not a rich country.

I went up to the gentleman and said “Khan Sahab are you crazy? You are standing on Shaikh Zayed Road, the heart of Dubai and you are saying that this country is not rich?”

He smiled and responded with a statement that I can never forget. He asked me to ignore all the big buildings, the infrastructure and the trade and then see what the country really had to offer.

These days I have been reading articles on the forthcoming budget and Pakistan’s economy. Being an analyst I am also involved in debates on VAT, capital gain tax and other technical issues. But I am still intrigued by Khan Sahab’s statement, and for the sake of analysis there is no harm in taking a look at where Pakistan stands.

The country has the second largest salt mine in the world, fifth largest gold mine, seventh largest copper mine, fifth largest coal reserves, seventh largest wheat and rice production capacity (can be enhanced to be the largest), is eighth in the rankings of fresh water availability with 2,053 cubic meters of water per person in 1995.

I must stop the count here for I already feel ashamed.

Khan Sahab you were right. Dubai is not a rich country. Dubai is actually a rich economy. Pakistan on the other hand is among the richest countries in the world, but also suffers from a poor economy.

It is quite amazing that the country that is chasing the realization of coalition support funds of 349 million dollars from the USA also happens to possess 185 billion tonnes of Thar coal which is worth an estimated 25 trillion dollars.

The country that faces a severe energy crisis has the potential to generate power supply for the next 100 years by utilizing the same coal reserves.

This coal utilization can save four billion dollars by reducing oil import costs. Dr Murtuza Mughal of Economic Watch stated that coal power generation can cost Pakistan Rs 5.67 per unit for power generation while IPPs cost Rs9.27 for the same. Other than coal, Pakistan is also rich in wind and bio resources of energy.

The point is simply to understand that the way our finance ministers portray the situation does not represent our true economic potential. It is really a shame that we declare it our success and best planning to successfully acquire aid packages from IMF, World Bank or the USA on time.

It is really worrying to think that the financial success of the government in our country is on the basis of financial arrangements rather than economic management.

Our governments feel happy to appoint IMF, World Bank or investment banking professionals as economic chiefs of the country. They either simply ignore the important economists for these positions, or they are just interested in short term fiscal management.

It is high time that our focus on economic planning and budgets to shifted towards clear cut economic goals for developing an industrial base in the country.

We need to come up with policies that ensure a culture of entrepreneurship in the country. Income support programmes cannot serve the objective of economic freedom. It is actually the facilitation of doing business and converting ideas into returns that can change the economic outlook of Pakistan.

We sit over a resource bank of trillions of dollars while we chase millions to survive. This myth of the poor economy of the richest country has to end.

Our prime issues are not VAT, capital gain tax etcetera. The biggest issue is the under utilization of the massive resources available in this land, where our federal budgets has been silent for years. This issue is directly related to poverty reduction as well as developing confidence in the people of Pakistan and about their future.

We need to see beyond fiscal management and look towards true economic management of our country.

Saqib Omer Saeed is a Financial/Business Researcher Analyst and adjunct faculty for Investments and Finance in CBM, SZABIST, BIZTEK & University of Karachi and blogs at www.bizomer.com

COMMENTS (65)

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Tariq Masood | 14 years ago | Reply Good one Saqib

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Faisal Amin | 14 years ago | Reply Frustrated Economy

Ali | 14 years ago | Reply You forgt we are the 5th largest population in the world too. And our ppl have children like Rabbits....So if we really want to enjoy all those resources...we have to stop having 8 kids in each household.....UAE's real GDP is 180 billion a year....Pakistan's real GDP is 435 billion....more than double of UAE...but we have too many damn ppl....

dilshad zafar | 14 years ago | Reply Excellent article Saquib ,very well keep it up , regards Dilshad .

Sakib Ahmad | 14 years ago | Reply I have found this article, and the comments it has inspired, very thought provoking. I agree with the author that our economic potential is vast. The essential problem is to mobilise our human resources, which is an immensely difficult task given our national inferiority complex in relation to the English speaking countries and their language and culture. Having a passionate discussion in a language which only a small proportion of Pakistanis understand may make us feel good but it is, ultimately, quite pointless. We need to spread the message to over 95% of Pakistanis for whom these stirring words mean nothing at all. I repeat, if we really want to mobilise the WHOLE nation, then we must learn to communicate in their language (which, I need hardly remind anyone, is OURS as well!). I once wrote an article on this subject, which aroused a fair degree of interest. You can read the article, and the comments thereon, here: http://sakibahmad.blogspot.com/2010/01/punjab-governments-own-goal.html

Hussain Saqib | 14 years ago | Reply There was a widely held mis-perception that Pakistan was a poor country ruled by one of world's richest "leaders". This article has cleared everything. We are victims of mismanagement and personal greed of those in high places. Thanks for a very nice article. I have provided a link to this article in my blog: http://fmeducation.wordpress.com

Nasir | 14 years ago | Reply Sorry Saqib Sb for late comments as I read your article today. The first point came into my mind after reading this article is why we are planning to spend billions of dollars on Iran-Pakistan Gas pipeline when we have such big asset of coal that can be used to generate electricity and reduce the pressure on our own Gas reserves. Please comment.

Saqib Omer Saeed | 14 years ago | Reply Dear Abdul Rasheed Sb. I really appreciate your comments. In fact when you talked about going to villages and remote areas so, I would like to state that I visit many villages and small cities of Pakistan generally for mobilizing education campaigns, finding out youth and business potential in areas that are even not known to common Pakistanis. Yes we have problems there but I am not over optimistic. You are talking about 62 years even if it is for 100 years. It is not a point to surrender. We have to work and we have to get back our lost legacy. I think we have forgotten from where we have started. We started a country in 1947 without infrastructure. We had no pen and ink in our government offices. We got stones from Reserve Bank of India as a share in wealth. Come On!!! See today’s Pakistan, regardless of many shortcomings Alhamdoulillah we are not that behind. And where we are far behind is in motivation and leadership. France took 170 plus years to be where they are. Study the history of French Revolution. In 170 years France had far bigger problems than we have today. Go and study the history of U.S.A. before becoming THE U.S.A. of today, they were lesser developed than us. Go and see the history of whole Europe they were more disturbed than us due to sectarian violence and racism. In fact it is not optimism. It is actually the trust that WE CAN!!!! What we have done to change our scenarios in last 60 plus years that we are saying nothing can change and it is difficult. The point I made is just simple that what God can give to us, He has given, now it is our responsibility to collect our wisdom and will together and go on!!!! There is no excuse in doing so. Last but not the least I also belong to the small village PHULJE in Dadu but even then I never find myself escaping my eyes from the global perspective of my country. We are working to mobilize our nation and we will InshaAllah.

Abdul Rasheed | 14 years ago | Reply Saqib, I have heard many such arguments. Trust me they go on and on and on. I have these arguments everyday with my friends, family and colleagues. We, as a nation, have been having these arguments 60 years back. I appreciate your optimism but i think you are like an ostrich which puts its head in the sand expecting that the threat will go away. You can not just ignore the reality and assume that everything is alright. We are a nation of 170mn people. Unofficial unemployment number is already at 20%. We have 2/3rd of our population below 25 years of age. half of these people will enter job market within next 15 years. With 2-3% growth rate how will we accomodate them? What is ironical is that a rich person with all the wealth will opt for 2 children whereas someone in village without any skill, education or abundant land will have 5-6 children. I will give you my family example. My family is from a village in Sindh. My father has 10 siblings and my mother has 12 siblings. 50 years ago my paternal and maternal grand parents had 100 acre land and maybe 8 people to feed. Today in the 4th generation there are at least 100 people if not more. Trust me i am not exaggerating. Could you expect that same land would have sufficed to feed all of us. We have survived only because we have moved from agrarian economy to manufacturing and services sectors as agriculture could not have fed so many people. The urban rural population and resource distortions are ticking time bomb. Before becoming fanatically optimistic about Pakistan's future i would advise you to visit some village in upper sindh or Balochistan. Trust me you will realize that your or my optimism would not go a long way in changing the dark reality of those people's lives. I dont have courage to see people's condition in my village. You should do a little more ground work.

Asif Khan | 14 years ago | Reply Very nice article and nicely articulate. I think all these positive elements most of our people including government knows about our country means as potential of country. My worries and concerns when this positive change will start happening. I think at least will not happening until the system will change and right visionary, sincere and bold people start coming on top which is quite difficult in my view at present election criteria and second most important people of our country who elect them to run our country and allow them to take decision for our future and we all know from our past and present standing of our country economically. How we can convert all this information into action and who will do that?? I believe "nothing is impossible in this world as long as we are not interfering in nature"

mazahir | 14 years ago | Reply Pakistans poverty lies in its lack of sincere leadership

Fida Hussain | 14 years ago | Reply Thank you for positivity wich we all need in this country.

Maliha | 14 years ago | Reply Very nice article Sir. Very informative one. I wonder if we understand our economy related issues so well why can't our finance ministers do so?

Amir | 14 years ago | Reply Govt. is putting best efforts to relief Awam, but the issue is when govt took help to IMF, pakistan was bankrupt there was no option left, now govt has to follow IMF, thats y we see these hard actions....... Famous Leader take Hard Decision.....

Rashid | 14 years ago | Reply this is my first time to read your aticles my dear sir saqib omer, its something very nice to read and i learnt alot, we would need more articles on our current issues as well , thanks

Mairaj Muhammad | 14 years ago | Reply we have so many resource but no proper utilization Mr.narejo fact is this we need leadership. Sir excellent article(y)

Iqbal | 14 years ago | Reply True. and SINCERE people as well. starting from our ownselves.

Iqbal | 14 years ago | Reply just to add to this point... and sincere people too.. i mean the common man has to be sincere in all aspects towards Pakistan.. which means we stop doing illicit activities.

Saqib Omer Saeed | 14 years ago | Reply Thanks people for your comments and mobilization. Dear Mr. Malik and Erfan, I really appreciate your concern. You have brought some really interesting points. I would like to say that whatever it is, it is now our responsibility because it is not anyone’s but our and our next generation’s future that is on stake. I am sure that time shall not accept any of our excuses for being underperformed. Yes, we know we have lack of leadership, we know that corruption is demolishing the foundation of this country but when we say “Pakistan” so I can say with a lot of confidence that “Pakistan” has nothing to fail except when the people of this country wait for liberator or only sit back relax in their common rooms to enjoy TV shows or talking country’s problems. I think it is a high time when we have to take responsibility and go on. Even yes if a nation has a will to be successful so they can even while working without resources but end of the day we have sound resources that are awaiting our conversion for their conversion. I must say don’t forget what this nation have done in 50s and 60s. It is 70s that change the motivation level of this nation and now we have to come back to our real potential. We simply can not ignore these resources and we even don’t have to believe that we can not do anything without these resources; we shall definitely be successful InshaAllah. I think we frustrate very quickly otherwise we have many things to construct us up. Pakistan is not waiting for a leader, liberator or politicians, Pakistan is only waiting for her PEOPLE, and leadership shall be an outcome. It is WE who can do, it is WE who can’t. Decision is pending and in our hands for sure.

Erfan Afghan | 14 years ago | Reply Good article. B/w I totally agree with Abdul Rasheed sahib. Africa is a prime example of a continent blessed with resources but hardly any country falls in the 1st world category. I think if Pakistan didn't have all these resources we would have done much better. (Assumption, I know it's a stupid one) It's like when you don't have anything you actually work harder. Pakistan has major issues, give them all the resource and I bet we would have been in a similar position.

Miriam | 14 years ago | Reply I think that these type of articles should also be printed in urdu language. If we want to mobalize the comman man, which make up majority of the population, then we have to speak to them in the language they know.

Malik | 14 years ago | Reply Dear Saqib, excellent article – my question to you and all other who are part of this discussion is that – with the current political leadership is it really possible to dream for the change or any improvement for the benefit of the people of Pakistan? Who is benefiting from the losses of the people of Pakistan? Our leaders/ MNA, MPA’s etc. until unless we remove these WADERAS and MAFIA from the system it is almost impossible for the positive change in the country. I am sure some of you are aware that these WADERAS block the establishments of the schools and the other people development programs so they can suppress them, if given a choice to the peoples to elect the leaders through fair and free elections 70% of the politicizations will not be elected. You have given the example of Dubai, true it is rich economy, driven by single person Shaikh Mohd. I hope.....................for the change in the leadership, Which I am sure cannot take place without major revolution. Malik Q Awan Doha - Qatar qmalik66@yahoo.com

Umar Akram | 14 years ago | Reply Beautiful article, interesting point of view, not to critical of the government but giving a suggestive tone, good research, opinions supported, interesting introduction.........to sum it up an excellent piece of english literature.

cidpusa | 14 years ago | Reply Get together and get get started Lets not wait for the drunks to wake up We all have a job

jehanzeb khurshid | 14 years ago | Reply mashallah .. really good work done by all of you . very informative and very awaking facts are now open in front of us .. now the question is how to get nation in confidence. what are the needful steps required by each of us to make people understand their worth? " what is implementation plan...? "

Abdul Rasheed | 14 years ago | Reply Saqib, Let me be frank, your comments make no sense at all. You have not fully explained the difference between rich country and rich economy. What i understand is that you meant that while dubai's economy has prospered Pakistan has a lot of potential due to its natural resources which are lacking in Dubai. However, you did not notice the most obvious contradiction. How come a country without much natural resources ends up being so much economically advanced whereas Pakistan with all its resources is lagging behind? To get answer to this question, lets look at the most resource rich countries and most economically advanced countries in the world. In most cases, resource richness has not necessarily transferred into economic growth. Africa is the biggest example but this also applied to South America and Central Asia. On the other hand the most advanced economies like Japan, Britain, Taiwan, Malaysia, South Korea, Singapore, etc. have limited or no natural resources of their own. Certainly, there are few like Abu Dhabi, Norway which have diligently conserved their resources for future generations (through sovereign wealth funds) but lets not forget that in some cases like Nigeria, Iraq, etc. abundant natural resources have become a curse and a source for crook leaders to transfer funds to their swiss accounts or buy weapons to use against their own people. Look at the past 200 years progress of the world. The growth of Europe, Japan and USA was not necessarily caused by the abundance of resources but developing of industrial base and technology to convert those resources to the products which can be sold at a premium to the consumer. An extreme example is that we produce denim which is probably sold at $2/sq meter whereas a pair of jeans from that same denim when branded is sold for $200 a pair. We get $2 and they get $198. This is how their per capita income is $40,000 and ours is $1000. I am not necessarily denying the fact that we have abundant resources, but don't forget the capital constraints to develop those same resources. Lets talk about Thar coal development. The single mine would require at least $2-3bn with another $1-2bn for a 1000MW coal based power plant. A 1000MW integrated project would require $3-5bn investment. Last time i checked, the local private sector was only able to fund $1bn urea plant by Engro where the group was credible and technology was tested in past. No investor has funds to sponsor even $2bn project and no bank would be willing to take loan risk of even 1/10th of that amount on a technology that has not been tested here. Thar coal has high moisture and high impurities and a very critical ingredient (water) for power generation is missing there. What is the solution then? I think in order to develop Thar coal we have got to involve public and private sector institutions in collaboration with donor agencies and foreign mining firms. But the issue is that our government (this or old) is both incompetent and short sighted. They hardly have credible people required to build local and foreign investor trust for such projects. Government on itself can not take initiative due to limitation of human and financial resources and in current environment of such high public sector borrowing, no private sector firm can financially justify investment in any sector. As far as foreign investors are concerned, looking at the transparency of our business policies, overall law and order situation and political stability good luck with that. Coming back to the Dubai, dude if you can't reach them don't degrade them. Their prosperity, now matter how it has been achieved, is way superior than our backwardness. Admire their vision and sincerity of their leadership. They have achieved in 20 years what others took 200 years to achieve. It is another question whether it is sustainable or not! Abdul Rasheed Narejo narejo@gmail.com

Amazed squirrel | 14 years ago | Reply Excellent article.

Saud Ahmed | 14 years ago | Reply To be truth it's really a great article after reading this article i can say without any hesitation that "PROUD TO BE A PAKSITANI". You should be rewarded by your great work through positive comments from all those people's who have read and who are going to read this article.

Bhalu Khan | 14 years ago | Reply Saqib Sahab, bohot umdah!!

Khurram Zahid | 14 years ago | Reply Pakistan can become a richest country of the region, and would not only become capable to produce electricity of own self but can gain efficiency to export electricity to other countries. I have also heard somewhere that Pakistanis are the third most talented people in the word... if it is really true, we are rich in resources 360 degree....

Muhammad Toori | 14 years ago | Reply Ways to save homeland, Demolish Central Bank and Fractional reserve banking system. Let the country default on loans, after all this is stolen wealth by money creation out of thin air. File a strong case for damages’ compensations that we receive due to global agenda of International community or of a country, which is half a trillion dollars. Abandon the relationship with US and UK and rely on own resources. Last but not the least; reduce the life standards till the moment when you could afford it through your own resources. But very few will understand it because of “Ideological subversion”. What it basically means is to change the perception of reality of everyone to such an extent that despite of the abundance of information no one is able to come to sensible conclusions in the interest of defending themselves. Yuri Bezmenov, a former KGB agent, explains “Ideological subversion” as “a great brainwashing process which goes very slow and is divided into some stages, the most important one being demoralization….” Here we find a generational process, which takes from 15 to 20 years. And let me tell you I did not find any demoralized nation stood again without getting rid off the previous bad habits such as relying on easy money and getting fatter.

Wasiq kalimi | 14 years ago | Reply Points raised in the article are very nice and True! But one big resource of our country which you perhaps didn't mention is Pakistani's living abroad and the money in billion dollars in foreign banks . Who would address this issue ???

Tahir Dar | 14 years ago | Reply Such a noble and motivating job done by Saqib and promoted by The Express Tribune, may not go waste by just apperciating it, we must transform our sentiments aroused in to a vibrant and dynamic movement towards progress. The simple and straight step, JUST MOBALIZE ALL THOSE PEOPLE WHO UNDERSTAND THE POWER OF VOTE BUT DO NOT VOTE, I AM ALSO ONE OF THOSE DOVES WHO LET ONESELF AND COMMING GENERATION TO BE MOLESTED BY THE PREDATORS BY JUST NOT VOTING. NOW IS THE TIME TO START, LETS MOBALIZE ALL TO VOTE FOR NEXT ELECTION AND CHOOSE THE RIGHT PEOPLE TO DEFINE OUR DESTINIES. I wish, we all in our humble capacities start working to get the righ people for the right job, by requesting individulas, organisations and media centres/ groups.Blaming none, except those who donot vote. "VOTE FOR PAKISTAN, VOTE FOR RIGHT". May Allah help us!!!

samina | 14 years ago | Reply we have iron ore at kalabagh. we just need astrong patriotic leader to guide us out of this mess

zubair | 14 years ago | Reply perfect why these leaders r sleeping acgtually our people r currupt ho choses same faces again n again they deserve current situation

Nabeel | 14 years ago | Reply Very well written article. Something for our future generations to look forward to. In my view we need to bring an aggressive approach to rebuild our economy and break free from our debt. But I am sure our illiterate leaders have other plans. MAKE MONEY!

Rizwan Afzal | 14 years ago | Reply There is need to alert all the stakeholders of country e.g. Govt, civil society, media, political parties etc to do their utmost in making use of country’s resources and this articles is an effort to the right direction.

Saqib Omer Saeed | 14 years ago | Reply Thanks for you comments Mr. Javed. Regarding your question for references of facts so you can scroll up I have mentioned references in one of my comments. Regarding your claim that I am sitting in Dubai so I am honored to live in Pakistan. I actually have business network in Dubai. Other than this I have been serving Pakistan in many aspects from education to promoting Pakistan Investment Industry (Alhamdoulillah). I really appreciate your comments that show your concern for Pakistan and this is always required from people of this country.

javed iqbal | 14 years ago | Reply well mr omar i will also like to know that where are u getting your facts from and i will like to ask jst one question that how does it feel to sit in dubai and start talking abt pakistani economy and if u are pakistani citizen than i think u should be ashamed bcz of people like you pakistan is getting in its worse condition every day, all you hotshots have to do is just to sip your whiskey and smoke your cuban cigar and comment about pakistan

Saqib Omer Saeed | 14 years ago | Reply Thanks for everyone’s comments. Zunaib definitely! Strategic level articles shall also appear from my desk. Sometimes we would like to write everything but we need to start creating a context to move forward. Just keep in touch with tribune.com.pk you shall definitely see strategic level writings also.

Shaukatbrohi | 14 years ago | Reply Great Saqib.....

Ali Azhar Khan | 14 years ago | Reply ASSALAM O ALIKUM ... REALLY NICE WORK... WE(THE WHOLE NATION) NEED TO KNOW THE REALITIES AT ALL LEVEL OF OUR NATION MEAN TO SAY... EXPOSER TO THOSE WHO BLINDLY BELIEVE IN THE EFFORTS OF AUTHORITARIANS, WE NEED TO THINK FOR THE COMBINE GAOL, RICH COUNTRY RICH NATION... SIR WILL YOU OPT FOR PUBLISHING YOUR RESEARCH WORK IN THE NEWSPAPERS, THAT MAY MAKE AWARENESS TO THE PEOPLE... MANY OF US KNOW WHAT IS WRONG HAVING NO PLATE FORM TO BE SHARE IDEAS, YOU HAVE TAKEN INITIATIVE KINDLY OPT TO AWAKE THE NATION SO THAT THEY CAN BE UNITED AS WELL. ABOVE ALL SUCH A SIMPLE AND INFORMATIVE WORK EASY TO UNDERSTAND... TALIB E DOA

cidpusa | 14 years ago | Reply if you do not have the technology just develop it Remember the teachings of Iqbal , asking someone makes you weaker and dependent.

Tippu | 14 years ago | Reply Excellent article. And very well written. I would also like to add we are the 7th largest country in the world (in terms of population). And as a result, our destiny is to be the 7th largest economy is the world. This is inevitable and it will happen. Hopefully sooner if we get our policies right. Even now, we are the 26th largest economy in the world. Thats out of the 200 odd countries on the planet. We should be able to break into the G20 club soon and then on towards our destiny of G7.

WaQas | 14 years ago | Reply True Reflection of our country

Taha Johar | 14 years ago | Reply Very well written and quite true..

faraz | 14 years ago | Reply We dont have the technology required to extract these resources. We'll have to rely on technologically advanced nations to extract our resources. China gets 50 percent of revenue that is generated from Saindak project. If self reliance and prosperity was linked to resources then Saudi Arab should have been a global power; isntead it obedienetly follows American diktat because it cant extract and purify oil on its own. Nations prosper not because of their resources but on their strength of knowledge.

yawar saeed | 14 years ago | Reply Jeo Khaan saab, Thumbs Up to you

Meekal Ahmed | 14 years ago | Reply Interesting article and comments. I did hear recently that the World Bank had withdrawn support for developing the Thar coal field. Why? Pressures from the environmentalist in the Bank and its Board? No one seems to know. Why don't we ask the Chinese? On water resources, yes, it was my impression we are facing a looming water crisis. It is true that we cheer wildly when we get the next tranche from an IMF program when we should not even have an IMF program because their resources are referred to as "exceptional financing". We have made recourse to exceptional financing the rule. This is because we cannot manage our economy and keep it on a steady growth track when all it takes is a little bit of discipline and foresight. Other countries manage to stay out of the clutches of the IMF. Instead we send the economy off the cliff every three years not because of some unforeseen domestic or external shock (and is therefore not policy-related) but because of bad economic policies and bad management. It is inexplicable and mind-boggling.

Hiba Moeen | 14 years ago | Reply It is a pleasure to belong to a country like Pakistan but a pity to be led by such politicians whom we did not appoint in the first place. The question is who would put these lucrative resources to good use when some of them got sold out for peanuts? Secondly, if things would have been managed well we might not have faced natural disasters . . . for example having a dam at Hunza Lake . . .

Moiz Damani | 14 years ago | Reply Nicely put. It is something we should think about collectively and devise a solution, so that we, the future, pave way for progressing and developing economy. All this can only be done if we all unite as a nation with mutual agreement on core issues. No force can stop us then!

Nabeel | Create Your First Website | 14 years ago | Reply A brilliant Article! Thank You Mr.Saqib for highlighting these blessings that we have in our own beloved Country. I highly appreciate this article, and I only wish that our policy makers give heed/attention to these blessings bestowed on Pakistan by Allah.

Batool | 14 years ago | Reply awesome!!!!and 100% true.....

farhan | 14 years ago | Reply good article

cidpusa | 14 years ago | Reply Emerald mines in Swat Sui Gas fields Best Rice in the world Basmati King of Fruits Mangoes Pakistan one million tons (7th in the world) Cotton production 4th in world Largest Glaciers outside the poles are in Pakistan

Faizan | 14 years ago | Reply Do not forget the potentially huge oil reserves, both offshore and onshore, in Balochistan. We really are a rich country, but its a travesty that our resources have not been utilised yet. With their use, and a sincere government, I am confident Pakistan can become a developed country in the future. We need to raise awareness of our resources, so that people get out of their doom-and-gloom mindset and put pressure on the government to utilise them efficiently and as soon as possible.

Nadir El Edroos | 14 years ago | Reply "is eighth in the rankings of fresh water availability with 2,053 cubic meters of water per person in 1995" This figure has already fallen to 1030 Cubic meters of water per person.

Saqib Omer Saeed | 14 years ago | Reply It is indeed a pleasure to see initial response to my post. Thanks for your comments Mr. Adeel. Below are the references of data presented in post. Even if you can just go on GOOGLE and search all these facts you shall see that all are recognized tallies but these days we are so frustrated to see our actual potential. But anyways what we have is really extraordinary. We just need to mobilize as a nation and trust on the gift that God has given to us. References: • 2nd largest salt mines: http://en.wikipedia.org/wiki/Khewra_Salt_Mines • 5th largest Coal Reserves: http://www.dawn.com/wps/wcm/connect/dawn-content-library/dawn/news/business/fifth-largest-coal-reserves-but-still-burning-imported-oil--il • Wheat & Rice Production: http://en.wikipedia.org/wiki/Economy_of_Pakistan • Water per person: www.aaas.org/international/ehn/waterpop/paki.htm To Nony Mous: here I talked about the available resources on disposal for Pakistan. Regarding fractional reserve system or any other aspect of national economy, it is always relevant to a big plan that nation always need to have. We just need to count on what we have and rectify our measures on national economy. We just need to get out of the sentiment that we are far behind from any country of the world in term of resources. We can do it. If you go through Dr. Mehboob Ul Haq publications on Pakistan’s economy; so you shall definitely hear that Pakistan’s problem is not inflation but massive under utilization of resources. Once we start using our resources we shall have things in order.

SadafFayyaz | 14 years ago | Reply well researched work

Nony Mous | 14 years ago | Reply Khewra - Salt Rikodik - Copper Rikodik - Gold Thar - Coal

Adeel Saya | 14 years ago | Reply Can you please quote sources for your facts? Especially: "The country has the second largest salt mine in the world, fifth largest gold mine, seventh largest copper mine, fifth largest coal reserves, seventh largest wheat and rice production capacity (can be enhanced to be the largest), is eighth in the rankings of fresh water availability with 2,053 cubic meters of water per person in 1995." Where are you getting all this from? Thanks

Aftab | 14 years ago | Reply Thank you for positivity wich we all need in this country.

Nony Mous | 14 years ago | Reply Maybe Mr. Saqib Omer Saeed care to enlighten us with the biggest tax called inflation. How about he can tell us in detail what is fractional reserve system. Pakistan is poor because rich are getting richer and poor getting poorer because of concept like these that are brain washed to our brightest mind. Only solution to runaway inflation is 100% precious metal backed currency and throwing out all the IMFs, World Banks, IFCs, ADBs and similar crony institutions, Pakistan economy is sustainable without those leeches. I hope we impose Shariah and rid us with nuisance called banks.

TEE BEE | 14 years ago | Reply Excellent article Saqib.......It is truly a shame that our government has always relied on foreign support......only if we can realize our true potential...we can turn around the things where the entire world would look up to us like they did in 60's.......All we need is a SINCERE leader who can stand firm in the beliefs and is determined to take this country forward.... God Bless...!!

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