29 August 2016
President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister Mian Zahid Hussain on Monday said world needs 3.5 to 5 trillion dollars annually to eradicate poverty.
Globally $3.5 to 5 trillion are needed to eradicate poverty, improve health and education services and combat climate change which will change the world and reduce conflicts but developed nations are not taking interest in it.
Mian Zahid Hussain said that developed nations can free humanity from chains of poverty by spending up to five trillion dollars for fifteen years but they are more inclined towards military expenditure.
Last year the official arms trade amounted to 65 billion dollars which was 6.6 billion dollars above then the trade of 2014 while the figures of 2016 may cross the mark of 70 billion dollars, he informed.
Mian Zahid said that the figures does not include the hidden expanses in which almost every country is involved and the money spent on supporting terrorism.
He said that KSA spent 10056 million dollars on defence related purchases while India remained second by spending 3953 million dollars. UAE paid 3085 million dollars for the same while South Korea bill was 2503 million dollars.
Iraq spent 2283 million dollars, Australia 2063 million dollars, Egypt 2032 million dollars, Taiwan 2012 million dollars, Algeria 1554 million dollars while Qatar defence spending was at 1692 million dollars.
The US remained top exporter of arms followed by Russia, France, Germany, UK, Canada, Israel, Italy, Spain and China.
