It is a fact that our nation and its rulers have become complacent, ignoring the ground realities of the country. They have been on a borrowing spree for years regardless of how harsh the IMF conditions are. As a result, the country is caught in a serious debt trap, with its total debt-to-GDP ratio touching 90 percent. It is taking loans to meet budget deficits – a clear sign of insolvency. For decades now, the nation has been living beyond its means owing to the pro-rich policies of successive governments. Austerity measures have been abandoned while non-development expenditures continue to soar. The country’s elite have also encouraged an increase in imports at the expense of local production, creating a greater need for loans.
Sustainable development can only be brought about through self-reliance, as was done by Bangladesh, China, Malaysia and South Korea. Moreover, the antiquated laws of this country should be reformed to fairly prosecute those responsible for ruining the country’s economy.
Arif Majeed
Karachi