The past present and future are intertwined, such that our actions in past impact our present and future. After the creation of Pakistan, those who assumed power did not lay 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, without paying attention to economy borrowing is a slippery slope that traps a person or a country in a vicious debt trap. This is what happened to Pakistan business news too. Without the capacity to expand our exports and curb imports, we kept borrowing to retire old debts and fulfill our present needs. Little did our politicians realize that these actions of past and present will eventually lead to a horrifying future. The debts kept piling leaving the country at mercy of creditors and lending institutions which have little or no mercy for people. 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 past and to fill the budget deficit without any attention to expand our agricultural and industrial output. Without robust exports and 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. Even today, the ruling party blames the past governments and those in opposition cry that the government is incapable and inefficient. In reality every party / person has played a role be it corruption or incompetence. The best course for our leaders is to make Confucius like confession and vow to believe that at the time of reckoning no one is better than the other. They need to forge unity and move forward to rebuild the structure of the destroyed economy. They must realize that neither the past can be retrieved nor the present can progress without striving hard for a bright future. I wish and pray that God bless our leaders with wisdom to mend their faults and work in harmony for the betterment of the country, not for themselves.
Raja Shafaatullah
Islamabad
