Long-term plans

It seems that our leaders are unaware of the following famous quote “the consequences of today are determined by the actions of the past. To change your future, alter your decisions today”. Soon after the creation of Pakistan, we borrowed foreign loans to support industrialisation. However, our leaders gave in to the temptation of spending lavishly on non-developmental projects. This spending did not add anything to the economy, but kept increasing our external debts. They never thought that such royal ways of spending would eventually come back to bite us. Gradually, our debt reached the level where the bulk of our budget is dedicated to debt servicing. Still, our leaders do not seem to have learned.

The lavish spending and royal ways of governance continue. Debts have soared to a level where it is impossible for any new government to govern efficiently. The new government borrows to retire past loans. The government never pays attention to industrial growth and the projects that can add to the economy by creating jobs and boosting exports. Every government borrows without caring how those loans will be paid off in the future. This vicious cycle of debt has crippled our economy and resulted in high rates of inflation. While our leaders keep blaming each other for the sorry state of our economy, the people of Pakistan face the worst problems of inflation and unemployment. If our leaders don’t stop the blame game and sit together to agree on long-term plans that ensure debt retirement and take steps to strengthen the economy by boosting industrial, agricultural and service sectors, the country will face the worst crises.

Raja Shafaatullah

Islamabad