Economic quagmire

The country is caught in a vicious debt trap


Raja Shafaatullah May 01, 2021

ISLAMABAD:

Pakistan is drowning in debt due to the royal spendings of our leadership. They borrowed money from the IMF and other lenders and spent it on projects for self-enhancement and projection rather than for the needs of the country. Although such projects had some benefits for people, they were not planned and developed to lay the foundations of a strong economy. A lot of borrowed money also went to waste due to mismanagement, delays, and most importantly corruption. Resultantly, the country was not able to pay off the debts in time and had to borrow more.

The country is now caught in a vicious debt trap and we are at the mercy of international lenders. When we want to borrow more to pay old loans and to further run the country, these lenders enforce their own terms in order to ensure repayment. They have no concern for the people. While the economy remains in a shambles, our leaders are busy pointing fingers at each other. Little do they realise that it is not the doing of a single party or person, but all parties have contributed to bringing the country down to its knees. While politicians are corrupt, selfish, and incompetent, citizens also tend to display same traits. Nobody wants to pay taxes, and corruption has grown deep-rooted in the country at all levels. Our leaders must shun their differences and at least agree on some basic issues that pertain to the economy. They should adopt prudence and ensure continuity of projects that strengthen the economy. On the other hand, people should pay their taxes responsibly, enhance productivity, curb their appetite for imported goods, and support the government in every possible manner to take the country out of this economic quagmire.

It will be a long way before we reach stability, but if everyone wholeheartedly and honestly works for it, the economy can be steered toward strength and prosperity. If we don’t do this on war footings, I am afraid the country will soon be on the brink of collapse.

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