How much money does Pakistan owe Bangladesh?

BD Digest Desk

Pakistan has many accounts to settle with Bangladesh. There is also a huge amount of debt. But will Bangladesh, established through a bloody revolution, be able to collect its dues from Pakistan? Five decades have passed since the Pakistani invasion and the Bangladesh Liberation War. Let alone the trial of the Pakistani army that committed genocide, Bangladesh has not been able to collect its financial debts. Pakistan’s arrogance is responsible for this. Besides, there is Bangladesh’s diplomatic failure.

When Pakistani President Zulfikar Ali Bhutto arrived in Dhaka in April 1974, Bangabandhu’s government demanded $4 billion from him as his due. Bhutto tactfully evaded Bangabandhu’s demands. Subsequent governments after Bangabandhu did not take necessary steps regarding the sharing of resources with Pakistan.

The value of the dollar during the Pakistan era was 8 taka against 1 dollar. Accordingly, Bangladesh received 4000 million dollars or 32000 million taka from Pakistan at that time. Even without taking into account interest, it is about 5 lakh crore taka at the current exchange rate of the dollar. If you take into account interest, it is several times more.

On March 24, 1997, then Prime Minister Sheikh Hasina discussed the issue with Pakistan during her visit to Pakistan. Later, in 2002, when Pakistani President General Pervez Musharraf visited Dhaka, the issue of wealth distribution was not resolved.

From 12-14 February 2006, Bangladesh Prime Minister Khaleda Zia announced that she would hold official discussions with the Pakistani Prime Minister on the issue of Bihari repatriation and wealth distribution. However, she returned home after concluding four memorandums of understanding, including trade and economic cooperation, and bilateral and international agreements, leaving the wealth distribution issue unresolved.

Economists, calculating the crimes against humanity and related losses, such as the destruction and looting by the Pakistani forces and the killing of 3 million people during the Liberation War, have found that the losses in the public and private sectors during the 9 months of the war amounted to 1,249 crore taka or 1.2 billion dollars.

After the cyclone of 1970, the people of the then East Pakistan did not even receive the 200 million dollars sent by various countries as aid for the then East Pakistan. The relief money that was taken to Pakistan during the liberation war. Meanwhile, people died in their thousands and foreign money and relief aid accumulated in their banks and warehouses.

During the 24 years of Pakistan’s rule, until Bangladesh became independent, West Pakistanis smuggled almost all of the income from its export sector. The rent money of the country’s farmers and workers went into the pockets of West Pakistan. Modern buildings and roads in Karachi, Lahore, Islamabad and Rawalpindi were built with East Pakistani money. Who will take this into account? Is there any way to reclaim the wealth of Bangladesh that was smuggled in the past two decades? Is there any initiative?

Experts say that according to the statistics of the then Pakistan government, Bangladesh’s claim is completely logical according to 4 principles. Based on the population principle, Bangladesh can claim 56 percent of the wealth. Based on the equality principle, Bangladesh can claim 50 percent. Based on the foreign exchange policy, it can claim 54 percent of the wealth based on the total foreign exchange earnings earned by the then East Pakistan. Besides, based on the principle of proportion of the wealth of the entire country, Bangladesh can claim 44 percent of the wealth.

According to international law, when a country is divided or becomes independent, its immovable and movable assets are also distributed. However, although Bangladesh is entitled to a portion of the assets of Pakistan at that time, even after 5 decades of independence, Bangladesh has not yet received any assets from Pakistan.

During the Pakistan regime, East Pakistan was entitled to 56 percent of the foreign aid received based on population or 50 percent of the loan on an equal basis, while Pakistan received foreign loan commitments worth $7,640 million, East Pakistan received only $2,24 million or 26.6 percent. Of the loan, $6,439 million was utilized and Bangladesh received $1,941 million or 30 percent.

Under Pakistan, East Pakistan’s total export earnings were about 54.7 percent or 25,559 million taka or 5,370 million dollars. Here, West Pakistan’s income was 21,137 million taka or 4,440 million dollars. Out of the total export earnings of 46,696 million taka, only 20,067 million taka was allocated for East Pakistan’s imports. That is, 4,226 million dollars. Whereas West Pakistan received 9,312 million dollars.

East Pakistan’s surplus export earnings of Tk 4,422 crore were spent on West Pakistan. Of the loans taken by Pakistan, Bangladesh assumed liability for $13,485 million out of the total $506.761 million for projects completed in East Pakistan by 1978.

In addition, Bangladesh also assumed responsibility for $136.121 million of the $145.86 million of the ongoing project at that time. At that time, the Pakistanis who controlled the economy of East Pakistan fled Bangladesh, leaving behind their properties during the war and before independence.

How is it possible to recover the money owed?

Regarding the recovery of dues from Pakistan, prominent economist Anu Mohammad had earlier said that the government itself should take the initiative to recover this money from Pakistan and involve the United Nations if necessary. If the government does a fair accounting and submits a claim to all the major financial institutions of the world, the process of recovering the money owed from Pakistan will speed up.

The Jahangirnagar University teacher also said that the entire region of Bangladesh has been affected by Pakistan’s policies and plans. However, some groups have benefited from their policies. The Pakistani rulers’ procrastination means avoiding all their injustices and responsibilities towards Bangladesh.

Jamal Uddin, a professor of sociology at Dhaka University, said that a bilateral meeting should be held through competent leadership at the government level. If Pakistan does not respond here, it is necessary to raise the issue in international forums, including neighboring India, to put pressure on Pakistan.

The sociologist believes that the money due should be claimed at the current value of the dollar. He also said that whoever gets the money should pay it back, that’s what should happen. This problem can also be easily solved by adjusting the Pakistani property accounts and the debts of Pakistan and Bangladesh.

Pakistan’s discrimination against Bangladesh since 1947 has not ended yet. The current anti-discrimination reformers are in power. Pakistan’s understanding with them is also quite good. Now is the time to make Pakistan pay for all their discrimination. This is the opinion of the common people.