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April 16, 2019

Mega trouble

Newspost

 
April 16, 2019

This refers to the article, ‘The mantra of mega projects’ (April 9) by Abdul Sattar. The writer has very ably highlighted the negative effects of mega projects like motorways and metro buses. I would like to add that the end result of such projects which are non-income or employment generating, and which require subsidies, is financial crisis and bankruptcy which we are now facing. In Pakistan, the motorway mania started in 1992 with the M2. As a result, growth rate which was more than six percent on average during the previous five years declined to less than three percent during the next five years and more.

Our economy has not been able to recover from the shocks of such mega projects. To spend money on loss-making prestigious projects year after year and expect a growth in economy is insanity. A bad project once implemented will continue to harm the economy for years to come. The recovery of our economy will be difficult in the presence of projects requiring huge subsidies to operate. Only the right kind of investment leads to economic development. Mega projects have drowned the country in deep debt.

Abdul Majeed

Islamabad

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