Traps from the past

The past, present and future are intertwined, such that our actions in the past impact our present and future. After the creation of Pakistan, those who assumed power did not lay the foundations of a strong economy and tended to take the easier route of borrowing, which at that time was not too big a problem. However, borrowing is a slippery slope that traps a person or a country in a vicious debt trap. This is what happened to Pakistan too. Without the capacity to expand our exports and curb imports, we kept borrowing to retire old debts and fullfil our present needs. Little did our politicians realize that these actions of the past and the present will eventually lead to a horrifying future. The debts kept piling, leaving the country at the mercy of creditors and lending institutions. These institutions force the government to take measures that hurt people in the form of unbearable inflation. Seventy-two years have gone by and we continue to borrow to repay borrowings of the past and to fill the budget deficit without any attention to expanding our agricultural and industrial output. Without robust exports and a healthy GDP, we will keep sinking into this vicious debt trap. However, our politicians seem oblivious to this situation and keep exchanging barbs as to who is responsible for the mess we are in today.

In reality, every party / person has played a role be it corruption or incompetence. The best course for our leaders is to forge unity and move forward to rebuild the structure of the destroyed economy. They must realize that neither can the past be retrieved nor the present progress without striving hard for a bright future.

Raja Shafaatullah

Islamabad