Deputy Speaker of the National Assembly Faisal Karim Kundi has said that the current international financial crisis has led to the freezing of credit market. According to a statement issued on Tuesday, Kundi said that the volatility of equity markets had resulted in the decline of investment and financial flows and thus seriously undermined the ability of many countries to purpose core development policies.
The Deputy Speaker, who is leading the Pakistani parliamentary delegation to the 119th Assembly of Inter-parliamentary Union (IPU), said this during a debate on "The role of parliaments in containing the global financial crisis and its economic impact, both in developing and developed countries".
The delegation comprises MNAs Pir Aftab Hussain Shah Jilani, Mian Riaz Hussain Pirzada, Nuzhat Sadiq, Yasmeen Rehman and Senator Muhammad Gulfran Khan. Referring to the global financial crisis that the world is witnessing, Kundi warned that unless arrested the current financial crisis might cause financial melt down with implications for large and small economies of the world. He added that parliaments of the world had a role to play nationally and internationally in the current crisis.
He suggested parliamentary oversight of the financial and banking sectors, organisation of a dedicated meeting by the IPU with representatives of the International Monetary Fund (IMF) as well as leading economies and civil society to make sure that the drawing up of financing did not lead to further decrease in support of attainment of millennium development goals.
On sidelines of the IPU moot, Faisal Karim Kundi, along with members of his delegation, held bilateral meetings with the Speaker of the Iranian National Assembly Ali Larijani and member of the Standing Committee of the National People's Congress of China Zha Peixin.
Ali Larijani, reiterating Iran's full support for the security and stability of Pakistan, recommended closer co-operation between Pakistan and Iran on eliminating the scourge of narcotics. The Deputy Speaker thanked the Iranian Speaker for his warm and strong support for the new democratic government in Pakistan.
Member of the Standing Committee of the Nationals People's Congress of China Zha Peixn stressed on the all-weather friendship between Pakistan and China. He added that China looked with enthusiasm towards success of the new democratic government in Pakistan.
The Deputy Speaker thanked China for its consistent support for Pakistan, and underscored the very close relations between the leadership of the Pakistan People's Party (PPP) and the Chinese leadership both in the past and at present. He stressed the need for continued Chinese support for Pakistan's economy through investment and development projects.