Tough reality

People are complaining about the tough terms and conditions under which the IMF will extend Pakistan a loan of $6 billion over a period of three years. The fact though is that the IMF is conducting its business of providing loans on the expectation of it being able to get its money back. We Pakistanis seem to think that what we get from foreign governments and international financial institutions is our right and non-returnable. When our local banks started giving out loans to buy cars on lease, in some cases both the banks and their customers did not carry out due diligence. We have all heard about cases where the banks repossessed the cars of those who skipped their monthly payments. So why are we expecting anything different from the IMF? The fault clearly lies with the PPP and PML-N governments, which stand accused of spending beyond their means.

Syed Hussein El-Edroos

Islamabad