Haqiqi Azadi

Debt slavery is modern-day slavery. Debt slavery is debt servitude. Debt slavery means debt bondage. Debt turns debtors into indentured servitude. Debt limits the autonomy of the debtor. Debt keeps indebted countries from accumulating capital stock. Debt has a negative effect on economic growth. Debt affects macroeconomic performance. Debt reduces per capita income growth. Government debt has a negative impact on households. Indebted countries are left with limited options.

Haqiqi Azadi is all about getting out of debt slavery. Here’s the record between 2018 and 2022: In 2018, when the PTI formed the government, national debt and liabilities stood at Rs30,000 billion. By 2022, the same had grown to Rs52,000 billion. Imagine, between 1947 and 2018, a period of 71 years, we took on debt amounting to Rs30,000-and then in a matter of less than four years we took on an additional Rs22,000 billion. For the record, our debt slavery has gone up manifold over the 2018 to 2022 period. Our debt servitude has gone up. Our debt bondage has gone up.

Haqiqi Azadi is all about debt liquidation. In 2018, when the PTI formed the government, every man, woman and child in this country was indebted to the tune of Rs144,000. By 2022, every man, woman and child in this country became indebted to the tune of Rs240,000. For the record, our debt slavery has gone up manifold over the 2018 to 2022 period. Our debt servitude has gone up. Our debt bondage has gone up.

Haqiqi Azadi is all about getting out of debt servitude. For the record, budgets presented by the PTI government had an accumulated budget deficit of roughly Rs15,000 billion. How did the PTI government fill the budgetary gap? Of course by borrowing an additional Rs15,000 billion. Question: What does additional borrowing of Rs15,000 billion mean? Answer: Heavier debt burden, heavier debt slavery, heavier debt servitude.

Haqiqi Azadi is all about debt trimming. For the record, over the 2018 to 2022 period our accumulated current account deficit exceeded $50 billion. How did the PTI government fill the accumulated current account deficit? Of course by borrowing an additional $50 billion. Question: What does additional borrowing of $50 billion mean? Answer: Heavier debt burden, heavier debt slavery, heavier debt servitude.

Haqiqi Azadi is all about debt axing. In 2018, when the PTI formed the government, the circular debt in the electricity sector stood at Rs1,100 billion. By 2022, the same circular debt had risen to Rs2,500 billion. Question: How will the circular debt be paid off? Answer: Either by additional borrowing or by jacking up the electricity tariff. Question: What would additional borrowing mean? Answer: Even less Azadi.

Haqiqi Azadi is all about debt pruning. Over the 2018 to 2022 period, there was a bloodbath at our so-called Public Sector Enterprises (PSEs) – PIA, Pakistan Steel etc. PSEs’ domestic and external debt now exceeds Rs2 trillion. Does that mean less Azadi or more?

The past four years have actually been a journey into deeper and deeper ‘ghulami’ – more and more debt. Haqiqi Azadi begins with three things. First, a balanced budget so that we do not add to our debt. Second, a privatization plan to pay down debt. Third, an economic growth strategy in order to grow out of debt.

The writer is a columnist based in Islamabad. He tweets @saleemfarrukh and can be reached at: farrukh15@hotmail.com