The habit of borrowing
All Pakistani governments have borrowed from international financial institutions to run the country. Borrowing is not a mistake if the country has the capacity to repay its debts. Unfortunately, however, Pakistan is unable to repay its loan effectively. As a result, every government has had to borrow money from friendly countries or financial institutions to repay its debts. The worst part is that our leaders, instead of fixing the problem, have always allowed themselves to blame their opponents for everything that is wrong in the country. The plot is the same: the party that takes power will blame the previous government for the country’s financial crisis. After a few years, the nation hears that we are on the brink of complete economic collapse. However, the ruling party will continue to implement the same old policies and bury the economy further in debt.
In 2018, the PTI came to power with a very optimistic and ambitious goal of dealing with the vicious economic quagmire. Unfortunately, he failed to realize the magnitude of the problem by making such statements and found himself stuck in a serious economic crisis. There were loan repayments owed and the country had no money. As a result, he contacted the IMF for loans. However, he vowed to be cautious and to change things in a timely manner. In 2020, the Covid-19 pandemic wreaked havoc around the world, causing a global economic downturn. This put the PTI government in a difficult position. It is surprising to see the attitude of the opposition parties, notably the PPP and the PML-N, which accuse the PTI of having gone to the IMF. Is there another option for the government? If these parties believe that the country can face its financial challenges without resorting to loans, they should join the government and suggest policies that can put the country on the path to economic prosperity.