ISLAMABAD:
It is common knowledge that the actions of today have consequences for tomorrow. But it seems that our ruling elite are unaware of this principle. Soon after the creation of Pakistan, we started borrowing to support growth and industrialisation. However, our leaders had slowly fallen prey to the temptation of spending lavishly on non-developmental projects.
Such spending did not add anything to the economy, instead it kept ballooning our external debts. They never thought that such royal ways of spending would eventually come back to bite us. Unfortunately, that is exactly what happened. Debt has now reached such a level that the majority of our budget is dedicated to debt servicing – making it impossible for any new government to govern efficiently. Instead, they are forced to borrow more in order to retire past loans and run their affairs. Yet, our leaders remain blind; the lavish spending and royal ways of governance continue. No attention is being given to industrial growth and projects that add to the economy by creating jobs and boosting exports.
It, thus, becomes evident that this vicious cycle of debt has crippled our economy. While our leaders keep exchanging the barbs as to who is responsible for the sorry state of our country, the people of Pakistan struggle day in and day out facing the worst of the inflation and unemployment. Our leaders need to sit together and agree on long-term plans to ensure debt retirement as well as steps to strengthen the economy by boosting industrial, agricultural and service sectors, otherwise we will lose our sovereignty to the menace of monumental external debts.
