The Committee for the Cancellation of the Third World Debt-Pakistan (CADTM - Pakistan) is a network of social and political activists, intellectuals, lawyers, journalists and individuals. Its activities take place on the common ground occupied by the battles being waged by grassroots and cultural movements, trade unions, solidarity committees and development NGOs.
The CADTM-Pakistan acts in close liaison with other groups, movements and organizations fighting for the same ideals at national, regional and international level. Its main preoccupation, besides the debt issue, is the planning of radical alternatives for the creation of a just Pakistan.
The CADTM-Pakistan is informal part of CADTM-International, a pluralist association composed of both legally constituted organizations and private individuals across Europe, Latin America, Africa and Asia.
The cancellation of the multi- and bilateral debt of Pakistan, as well as the abandonment of the structural adjustment policies being imposed by the troika of the IMF, World Bank and WTO. We strive to bring the infernal spiral of debt to an end and ultimately, to establish socially equitable and ecologically sustainable models of development. The cancellation of the foreign debt, illegal and illegitimate loans, and payable by Pakistan is not, however, for the CADTM-Pakistan, an end in itself. It is far more a means, an insufficient but essential pre-condition, for achieving the genuinely sustainable and socially equitable development.
Our mission is to improve the level of information and education on debt and development issues in Pakistan particularly in the North-South context; to take any initiative, organize any activity, publish any information, run any project, facilitating the emergence of a fairer world more respectful of the peoples’ sovereignty, of social justice, of equality between all human beings and between men and women".
- To offer detailed analysis of the origins and consequences of debt in Pakistan, and of the technical and political options for its cancellation; to elaborate alternative policies for financing human development, radically transforming institutional and financial framework;
- To challenge anti-people government policies at all levels, pushing them to introduce guarantees of the fundamental human rights and to implement the pro-people alternatives.
- To initiate action with research: publications (books, articles, analyses, reviews...), conferences and debates, seminars, training courses, awareness-raising campaigns, etc.
- Pakistan is currently (2009) under the burden of US $ 52 billion external debt. We pay 30 percent of our total annual budget for debt retirement. It is huge share of national wealth and one of the main reasons for low budget allocation on social sector. There should be independent inquiry into all the loan contracts with multi-lateral donors and International Financial Institutions.
- During the last 15 years Government of Pakistan sold out 160 state owned enterprises under its privatization policy. An amount of Rs. 395.241 was earned as privatization proceeds. The Public Accounts Committee identified irregularities in the process. There should be a commission to investigate the entire privatization process in Pakistan.
- With the atomic blasts in 1998, it was argued that Pakistan is secure now and therefore no arms race needed with India. Meaning by there that huge military expenditure to be reduced and the amount to be shifted to social sector. But military budget still increasing. There is urgent need to introduce a program for the conversion of military expenditure into social and cultural expenditure. Measures such as these would liberate several hundred billion dollars for a social development.
- We also call for a new international economic and financial architecture. This means the radical reform or replacement of the IMF, World Bank, and World Trade Organization; The regulation of the financial markets. No development aid can achieve its aims if the shadowy and speculative financial markets remain unregulated. For this, all financial operations will have to comply with standards of traceability and transparency, and controls will have to be introduced on international capital flows; the abolition of tax havens.
- We call for the return of state assets misappropriated by powerful elites of Pakistan and siphoned off: the peoples of the Pakistan have been despoiled by the vilest of dictatorships, often acting with the support of the North and aided by systems of social impunity. The despoliation continues in the guise of "good governance". Ever since the removal of controls on capital flows under the pressure of international financial institutions there has been a massive delocalization of capital, and laundering of criminal gains has become easier. The property misappropriated must be returned to deprived populations of Pakistan; to achieve this, international inquests will have to be held and the rule of banking secrecy abandoned.
- The populations on the periphery including people of subcontinent are victims of the pillage by the British colonial power; we the people of Pakistan are therefore entitled to reparation. Over the course of history the most industrialized countries and in case of subcontinent, the colonial British contracted a historical and ecological debt towards these people. For 200 years they constantly exploited, depleted and degraded our natural resources. It is now time to transform what is termed official development assistance (ODA) into grants in reparation. In the light of the commitment made by the industrialized countries at the 1992 Rio conference (development aid levels of at least 0.7% of the gross national product), the funds allocated to governmental aid should be tripled and redirected to a "reparation fund".