Examining debt

The PM recently announced the formation of a commission to investigate how our country’s loans increased from six trillion rupees to thirty trillion rupees in the last decade. I wonder why the PM is forming such a high-level commission for this simple exercise. In order to find out how the loans increased so much from 2008 to 2018, a simple statement called ‘Sources & Application of Funds’ should be prepared if it is not already available with the Ministry of Finance for each year. The preparation of this statement is supposed to be part of the standard operating procedure of any entity, whether it is a company or a country. The said compiled statement should then be audited by an international auditing firm and its findings be made public. It is a purely financial matter and it should left be to the financial experts. This will save a lot of unneeded hullabaloo.

Ejaz A Magoon

London