fifty years ago JANUARY 28, 1972 Archives

From the Archives (January 28, 1972): McNamara’s attitude softens Bhutto

Rawalpindi, Jan. 27: Economic sources in Rawalpindi said that the Pakistan President, Mr. Z.A. Bhutto’s reversal to a policy of conciliation instead of threats to business community is connected with the visit on Saturday of the World Bank President, Mr. Robert McNamara. According to the sources, Mr. McNamara reacted sharply to the reports that Mr. Bhutto had taken over the management of factories in 10 industrial categories in what was reported as a form of nationalisation. Mr. McNamara’s critical reaction was reported here last week during a visit of Mr. Peter Cargill, head of the World Bank’s South Asia Division and Chairman of the Aid to Pakistan Consortium, said the sources. Mr. Bhutto responded by releasing three major industrialists from house arrest and postponing the deadline for the return of hidden foreign exchange assets from abroad from Tuesday to February 15. Mr. Bhutto has ordered the release of Mr. Ahmed Dawood, whose family manages the Dawood Hercueles Chemical Fertilizer plant to which the World Bank has loaned more than Rs. 3 crores (Pakistani), retired Lt. Gen. Khan Habibullah Khan, head of Gandhara Industries, and Mr. Fakhruddin Valibhai.


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