The habit of borrowing

Every government in Pakistan borrowed from international financial institutions to run the country. Borrowing is not wrong if the country has the capacity to pay off its debts. However, unfortunately, Pakistan is not capable of paying off its loan in an efficient manner. As a result, every government had to borrow money from friendly countries or financial institutions to pay off debts. The worst part is that our leaders, instead of fixing the problem, have always indulged in blaming their opponents for everything that is wrong in the country. The plot has been the same: the party assuming power will blame the previous government for the country’s financial crisis. After every few years, the nation hears that we are on the brink of the complete economic meltdown. However, the ruling party will keep implementing the same old policies and will further bury the economy in debt.

In 2018, the PTI came to power with a highly optimistic and challenging goal to deal with the vicious economic quagmire. Unfortunately, it did not realise the magnitude of the problem while making such claims and got stuck in a severe economic crisis. There were loan payments that were due and the country had no money. As a result, it reached out to the IMF for loans. However, it promised to follow caution and change things in a timely manner. In 2020, the Covid-19 pandemic wreaked havoc across the world, leading to a global economic downturn. This put the PTI government in a tight spot. It is surprising to see the attitude of the opposition parties, especially the PPP and the PML-N, which have been blaming the PTI for going to the IMF. Is there any other option left for the government? If these parties think that the country can deal with its financial challenges without going for loans, they should join hands with the government and suggest policies that can put the country on the road to economic prosperity.

Raja Shafaatullah

Islamabad