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THE ROLE OF FOREIGN AID IN ECONOMIC DEVELOPMENT OF PAKISTAN (1960-61 TO 1994-95)

AZHAR MAHMOOD
Pakistan Economic and Social Review
Vol. 35, No. 1 (Summer 1997), pp. 57-90
Stable URL: http://www.jstor.org/stable/25825153
Page Count: 34
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THE ROLE OF FOREIGN AID IN ECONOMIC DEVELOPMENT OF PAKISTAN (1960-61 TO 1994-95)
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Abstract

This paper presents an historical review of the effectiveness of foreign aid in Pakistan's economic development for the period 1960-61 to 1994-95. Aid had positive as well as negative effects on Pakistan's economic development. On positive side, it has helped in the structural transformation of the economy, laid infrastructural and institutional foundations for agricultural and industrial sectors, provided technical assistance, policy advice and modern technology, assisted in overcoming the budget deficits and the balance of payments deficits and funded the projects for social sectors development. On negative side, aid seemed to have substituted for domestic savings. The debt servicing problem has become immense due to mis-utilization and mis-management of FCIs. The use of aid in import substituting industries by the Government of Pakistan resulted in efficiency losses which retarded economic growth. The role of aid in the development of social sectors is also not above criticism. To maximize the benefits of aid, Pakistan's economy needs better macroeconomic management, political stability, a sound infrastructural and institutional set-up, and a highly skilled manpower.

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