Pakistan, drowned deep in debt, is sinking deeper and deeper with each passing moment. The situation, if not remedied on a war footing, will eventually lead the country to an economic collapse. During the last three months, the debt burden has soared by Rs 980 billion – an unprecedented increase pushing the total domestic debt up to Rs 15 trillion. This does not include borrowing from the International Monetary Fund (IMF) to avert a serious balance of payment crisis. The Muslim League Nawaz (PML-N) was very critical of the Pakistan People’s Party (PPP) government for increasing the debt burden of the country by 100% in five years, but its own record during three months is more deplorable – adding Rs 11 billion a day is awfully gruesome!
On 30th June 2013, the federal government’s total domestic debt was Rs 14 trillion which as of today stands at Rs 15 trillion. Increase of one trillion in three months is terrifying. The total debt burden-internal Rs 15 trillion and external $62 billion-is not debated in the Parliament. The members seem more obsessed about arguing whether Hakimullah Mehsud, killed in a drone attack, is a martyr or not. For them drone attacks are violation of sovereignty but begging from USA, its allies and international donors is a matter of honour! One needs to remind them Allama Iqbal’s famous verse:
Taqdeer Ke Qazi Ka Ye Fatwa Hai Azal Se/ Hai Jurm-e-Zaeefi Ki Saza Marg-e-Mafajat!
[T’is the immutable decree of the Judge of destinies- That weakness is a crime, punishable by death].
Nobody in the National Assembly or Senate is worried about erosion of our resources consumed largely by debt servicing and how to come out of ‘debt prison’ that is main cause of political subjugation. They are wasting words and energies on non-issues.