CHITRAL: Pakistan is reeling under insurmountable loans, leading to an inevitable declaration of bankruptcy, sooner or later. The situation has not arisen out of nowhere, rather it has been worked upon diligently and ‘efficiently’.
Due to incompetency and incapability of the governments that have been in authority, both civil and military, the country was not put on the right track ever since after coming into being. Easy availability of loans and grants promoted the culture of financial corruption and wastefulness, and loans with their compounding interest kept piling up in an exponential manner . Each government when exiting would leave a heavier burden of loans on the country compared to the previous one. The value of a US dollar was only Rs 3.31 Pak rupees in 1947, now it is a whooping Rs 270.
If Pakistan had not taken a single penny loan from anywhere (for the sake of argument), it would have been compelled to stand on it’s own feet and given the natural resources and manpower, it would been successful, though at a turtle pace maybe. Our expenses on governance, the armed forces, wasteful ventures etc would have automatically been curtailed, and today our rupee would have been at the same value as at that time.
Pakistanis have got too used to easy money and ‘free lunch’. This weakness has made us compromise on our sovereignty and foreign policy, destroying the self respect of the nation in general and now we are faltering and vacillating hither and thither not finding a direction and a way to get out of the morass. .. CN report, 02 Feb 2023