CHITRAL: No country would like the name of financial default let alone practically going into bankruptcy. In Pakistan we have been hearing the words bankruptcy and default for quite some time. Then we suddenly hear that the IMF is giving further loan to avert the immediate threat and resultantly a buoyant and ‘victorious’ mood sets in across the country.
The new loan comes in and bankruptcy is warded off for the time being. The common man does not realize that the burden of loan has further increased on the country. This merry go round continues for a short while and then we hear again that default is on the cards and IMF wants price of fuel, gas, electricity and such like commodities which directly affect the common person, to be increased.
Pathetic state of affairs continue, with loans piling up and burden on the poor keeps increasing. The irony is that the elite ruling class is least pushed because all the commodities that are hiked are available free to them.
Frustration of the common man has increased to a point where they are demanding the country to be declared a defaulter and bankrupt. Instead of ‘death by a thousand cuts’, they want to end it all. The poor will suffer but will be able to bear it when the undue luxuries and extravagance of the rulers is cut to size. Only after the rulers feel the pinch of inflation will they do something about it. .. CN report, 04 May 2024
4 thoughts on “Pakistani people would be better off if country declared bankrupt”
Sri Lanka was declared bankrupt two years ago. Now it’s economy is fast recovering after being forced to adopt austerity particularly in government expenditures. A good example.
People of Pakistan never benefitted from foreign loans which mostly ended up in offshore accounts of power elite or militarization of the state to make it a security state. The miracle economy of 1960s was reduced to parasite economy. Public scrutiny was banned through gags on the media and managed elections or partnering with mafia for use to manufacture excuses for the use of force and denying human rights. Let the IMF led dispensation redeem its guilt by declaring Pakistan as defaulter state and subject them to strict austerity. People of Pakistan have nothing to lose because they will always find buyers for their honest labour. Any inaction will lead to radical reaction because it is a scientific truth that every action has proportionate reaction. I commend the editor for raising pertinent issues in his editorial comments.
Well commented by Islamudin sb. Only genuine persons can feel the grief of our avoidable destruction.
If only “Free Lunch” served to officials, both civil and military, judiciary and politicians by way of phenomenal undue perks and privileges at the cost of the poor man are eliminated, our economy can wriggle itself up from the kneeling position to the standing position. Nothing else, just this one step to begin with.