It is common knowledge that the actions of today have consequences for tomorrow, but it seems our ruling elite is unaware of this principle. Soon after the creation of Pakistan, we started borrowing to support growth and industrialisation.

However, slowly our leaders fell prey to the temptation of spending lavishly on non-developmental projects. Such spending did not add anything to the economy but kept ballooning our external debts. They never thought that such royal ways of spending would eventually come back to bite us. That is exactly what happened, and 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. They borrow to retire past loans and some more to run their affairs. There is no attention to industrial growth and projects that add to the economy by creating jobs and boosting exports. Every government acts in a shortsighted and selfish manner to preserve its rule. They borrow without caring how will we retire those loans in the future.

Hence, this vicious cycle of debt has crippled our economy and resulted in excruciating inflation. While our leaders keep exchanging the barbs as to who is responsible for the sorry state of our economy, the people of Pakistan struggle day in and day out facing the worst of the 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 steps to strengthen the economy by boasting industrial, agricultural, and service sectors, I am afraid we will lose our sovereignty to the menace of monumental external debts.

RAJA SHAFAATULLAH,

Islamabad.