Borrowing for something that generates employment or economic activity that then helps repay the loan is not wrong. Similarly, borrowing for projects of welfare and betterment, provided the economy has the capacity to repay, is not wrong. Such use of borrowed money works for the improvement of the life of the common people and strengthening of the economy directly or indirectly.
However, borrowing money to construct palatial residential and official buildings, superficial projects such as beautification of select cities or areas, or superfluous projects such as hoisting the largest flag is not good. Money spent on such things is just wasted and adds unnecessarily to the national debt, creating pressure on the economy and opening the floodgates of inflation on the public. Our rulers wasted most of the borrowed funds on superfluous or failed projects and drove the country into a debt trap, which we now find impossible to get out of. They still don’t seem to have learnt anything.
Raja Shafaatullah
Islamabad
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