Since then, every government that assumed power did not adopt a simple way of living, with the aim to clear debt
ISLAMABAD: Zulfikar Ali Bhutto came to power during the age of controls and regulations. He nationalised private industries, banks, and businesses — a decision that caused tremendous damage to the economy in the long run. The private sector was greatly affected — either marginalised or pushed back giving way to inefficiency, misplaced entitlement and corruption in government-owned businesses. State enterprises were ineffective because employees had secure jobs with no sense of accountability. Most big industrialists closed their businesses and moved to other countries to invest their money. These nationalised government-owned institutions were running at a loss due to corruption and mismanagement. Malpractices and inefficiency eroded the country’s economy. The government had to borrow heavily from various international sources. Since then, every government that assumed power — democratic or dictatorship, has not adopted a simple and frugal way of living, with the aim to clear debt. Rather, they borrowed more to spend more, in order to strengthen their rule. Politicians who have ruled the country have not been able to, or are not willing enough, to rid the country of its debt trap. It is unfortunate that we still haven’t learnt our lesson and leaders of different parties talk of national interest while pulling in opposite directions. I wonder if they will ever see the light that will guide them on the right path. They should start working for national interest rather than for personal gain.
Raja Shafaatullah
Published in The Express Tribune, July 31st, 2019.
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