CHITRAL: Taking loans from banks and financial institution is a normal phenomenon for individuals and businesses to further their growth. In Pakistan however whenever we hear of the country getting loans from the IMF, the World bank or friendly countries, shivers go down the spine thinking of the long time repercussions of these loans.
Pakistan has been an avid loan seeker since independence and we have accumulated these loans to an extent that now we cannot even pay their interest, let alone the principal amount. Other countries who took loans like India, Bangladesh Vietnam , Ethiopia, to name a few, used these loan to stand on their feet and now they’re far more stable. In Pakistan, loans have been squandered by the civil and military beaurocracy, rather any one who could lay hands on them.
The impending financial bankruptcy is a a good chance to impose financial emergency in the country and bear the tough repercussions for the next ten years. At least the coming generation would be lesser burdened by our governmental culture of ‘Qarz ki peetey thay may’ .. CN report, 12 Dec 2022