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Can Pakistan rise without loans?

14432-pakistan-1353054486-731-640x480A baby when born is always dependent on others for it’s basic needs to be fulfilled. But upon reaching adulthood, a human being must be capable enough to earn his bread himself rather than staying dependent on his parents or guardians. I am sure all of you will agree that independence is one of the most desired virtues among Homo sapiens. And that is why, with adolescence should come courage and willpower to work hard and feed your needs with your own hard earned money.


Allow me to let you guys consider our beloved country’s creation. Yes, we were deprived of our financial and military assets. We were not given due amount of national funds and loans. Our government officials were assassinated, documents were burnt and what not. Pakistan seemed more of a fragile state and global analysts were predicting of our country’s early demise. But, under the dynamic leadership of Quaid-e-Azam, this helpless but selfless nation rose up to its feet. Jinnah’s energetic speeches gave birth to a new ray of patriotism. This nation struggled hard to tackle refugee crisis, Kashmir issue and administrative problems. Jinnah’s death very next year of independence came as an ultimate shock to this striving nation. Our last hope Liaqat Ali Khan became victim of enemy’s ill intentions in 1951 A.D. Pakistan was literally about to fall apart, but then governments took a bold but risky step by taking loans from World Bank and IMF. Undoubtedly, this step was crucially necessary at that time to strengthen our economy. Acquiring of financial assistance helped us build infrastructure, schools, hospitals, governmental institutions and also made it possible for us to deploy enough armed forces at our borders. Pakistan’s currency was more valuable than that any other South Asian country.


However, we never stopped taking loans. Instead of utilizing this borrowed money at profitable projects, we kept spending it on futile schemes. Anyways, it’s of no use to cry over what has been done but we can take examples of other countries. It is obvious that almost every country in the world is in debt, but many countries have strong economies at the same time. The best way to come out of this curse is to start investing on beneficial and effective projects. For instance, the coal reserves of Thar district only can provide us with enough electricity to fulfill our national demand for 40 years and that too at only Rs. 4 per unit. We have to import oil supplies to produce electricity and this way we lose foreign exchanges. Our imports are greater than our exports. To balance the foreign exchange reserves, we are bound to take more and more loans from IMF. This is a vicious cycle. Once we stop spending on buying oil for electricity production, there will be lesser need to beg for loans.


With enough electricity, we can reestablish our textile industry. We will be able to create more and more job opportunities. We can start working on increasing our exports. We can get back to the track of prosperity. I’m not much of an economical expert, but I’m damn sure this country and its people has the potential of rising up again by going against all odds without staying dependent on others. And obviously, firstly the filth of corruption needs to cleanse.





By Faizan Shahzad.

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