The debt burden

This refers to the editorial, ‘The debt burden’ (August 29). The editorial has rightly highlighted the precarious state of our national finances and the vicious debt trap in which we find ourselves today. The recurring, massive budget shortfall has become a permanent feature of our economy due to unabated borrowings. Loans taken by the government have mostly been used for consumption, creating a false sense of prosperity. Our dwindling exports, rising non-oil imports and a huge trade gap coupled with an increasing debt servicing burden that now occupies 40 percent of our revenues are a sure recipe for economic disaster.
The present economic team of the government has miserably failed to manage the economy. The country is being run like a family business empire and crucial economic decisions are taken within the family circle. There is an urgent need to change this style of governance and bring in well-known economic/financial experts. It need not be forgotten that a fragile economy is a national security risk. A strong economy is a prerequisite for a strong defence. Unfortunately, this lesson is not understood by our rulers.
Arif Majeed
Karachi