CHITRAL: Since its birth in 1947, Pakistan has repeatedly turned to the IMF, the World Bank and other international lenders whenever its economy has run into trouble. Borrowing in itself is not unusual; many countries do it. The real problem begins when loans become a permanent habit rather than a temporary solution.

Over the decades, governments of every political persuasion whether civilian or military alike have borrowed billions of dollars in the name of development and economic stability. Yet, instead of becoming economically stabler, Pakistan has descended more and more in the quagmire of dependency – borrowing more to repay previous loans, meeting current expenses with borrowed money and returning to lenders every few years for another bailout. The burden of repayment has always fallen on the common citizen through higher taxes, rising electricity and gas tariffs, inflation and a steadily declining standard of living.

What makes this situation more painful is that many countries which started with fewer resources than Pakistan chose a different path. South Korea transformed itself from a war-ravaged nation into a global industrial powerhouse. Singapore, once a small trading port with virtually no natural resources, became one of the world’s richest countries through clean governance, education and sound economic planning. Vietnam emerged from decades of war to become a major exporter, while Botswana wisely managed its natural wealth and built one of Africa’s most stable economies. These countries either have never borrowed or may have borrowed rarely, but they never allowed borrowing to become the foundation of their economic policy.

The lesson is simple. Nations do not become prosperous by living on loans. They prosper by producing more than they consume, exporting more than they import, collecting taxes fairly, investing in education and industry, reducing wasteful government expenditure and ensuring that public money is spent honestly and efficiently.

Pakistan possesses immense natural resources, a strategic location and a young population. What it has lacked is consistent economic discipline and long-term planning. Until the country abandons the culture of borrowing and embraces the culture of productivity, self-reliance and fiscal responsibility, every new loan will push us deeper into the quagmire of dep0endency. .. CN report, 30 July 2026