Failed policies of IK, PTI bankrupt Pakistan, total 20 trillion loan, they are mixing tragedy with stupidity

• News By : Web Desk
• 2022-01-27 14:31:21

Salma Soomro:
Hyderabad: 27 January 2022: Pakistan’s economy is suffering, the real quagmire is that it has become bankrupt, according to ex-chairman FBR head Shabbar Zaidi. P.M Imran khan also said our sustainability and national security are at stake. Not only this Governor Punjab said IMF has snatched our all institutions only for 6 billion. Pakistan has to ask the USA first while drawing their own money, from their own state bank but it has to ask from IMF and indirectly USA. Because the USA has an enormous influence on IMF. Pakistan is under harsh conditions of IMF because there is no back door diplomacy or talks between Washington and Islamabad.
Biden does not even want to make a simple call to Pakistan. Pakistan has lost its credibility in their view due to some serious obscure steps and statements by Pakistan.
Afghanistan become strategic depth to strategic headache. Millions of refugees have put an extra burden on the economy of Pakistan. According to UNHCR Pakistan has hosted Afghan refugees for more than 40 years, and today hosts 1.4 million registered refugees. The unregistered number is bigger than the registered. A country that already struggles to meet is definitely under serious economic conditions if a large number of registered and unregistered refugees are on its soil.
Pakistan from 1947 to 2018 was 30 trillion. From 2018 to 2021 Pakistan has taken 20 trillion during PTI tenure. It's almost 70 percent of the historical loan Pakistan has taken from independence to date. And no one knows where it is used? Our ideology and fulcrum where we are operating are dragging us down, it is counterproductive.
Friedrich Nietzsche: A snake that cannot cast his skin has to die, as well as the mind that does not change their opinion cease to be mind.
Currently, we are stuck in a debt trap. Neighboring countries are providing us with a loan on humiliating conditions plus heavy interest rates.
Saudi Arab: 2 months ago it provided a 4.2 billion dollar loan at 4 percent interest rate.
Humiliating conditions:
They said Pakistan has to repay the loan back with interest within 72 hours whenever asked.
After 1 year Pakistan will return this loan. If not then Saudi Arabia can takeover Pakistan’s assets if delayed.
It all happened because Pakistan never worked on financial security and autonomy.
For the sake of 6 billion dollars, Islamabad has given all the rights of their state bank to the IMF, and the biggest stakeholder of IMF is none other than America.
As a result, Pakistan is only left with the power to select the board of governors of the State Bank. Whereas the Governor is not answerable to any court he will work according to instructions given by a private firm “ IMF”. Pakistan put 150 billion Taxes, Parliament of Pakistan made to pass specific amendments, petrol, electricity, sui gas prices increased on IMF orders. Is there any sovereignty left for the state of Pakistan? It’s the international financial institutions that are running the state of Pakistan and those who r fin acing them, the debate of “who runs Pakistan elected or unelected has lost its weight in this economic meltdown.
Distribution of loans on Pakistan:
Total 116 billion dollars is external debt on Pakistan today. IMF only has 7 billion dollars. Chinese loan on
Pakistan is 17 billion dollars. And 11billion dollar loan is from the Paris club.
Economic condition is bad to the level, where three Pakistani embassies; USA, Serbia and the other one are running short of resources, from 4 months they did not receive their salaries.
Contrary to that PM IK is saying that Pakistan’s economy is better and bigger than India. Whereas their single state Maharashtra’s budget is bigger than the whole of Pakistan’s budget. Pakistan has become a begging bowl for the world. Snatching every possible dollar from every corner of the world.
But to hide the real economic crisis a Few persons are imported from abroad for positive reporting. This is called mixing tragedy with stupidity.
All the resources were exhausted on strengthening harsh ideology, sectarianism, and extremism.
Pak-Saudi ties strained: Pakistan tries to bring closer Malaysia and Turkey. Thus Saudi block offended. And the soft corner Pakistan once enjoyed in Riyadh is no more there to rely on.
USA ties strained: Afghan policy was also not productive for Pakistan, Joe Biden doesn’t even make a call to Pakistani PM. IMF has American influence. Ultimately it will put harsh conditions on Pakistan, a state bank that is under IMF control.
Pakistan opted for a belligerent policy from the ’80s that harm investors’ confidence, and now there is little to no investment in Pakistan. Dasu Dam's attack put the economic uplift in the back seat. CPEC investment is rolling back.
National security policy:
Recent national security policy is more inclined on being friendly with India (that’s good). But why several political analysts and journalists were named and shamed that talk for peace? The step which the government has taken today should have been taken earlier. Change in policies is on its way, Pakistan has suffered enormously due to its faulty policies and hostilities with its neighbors. Pakistan's new security policy is more of Geo-economics than Geo-strategic. Largely the focus is on Geo Economics and trade between these two neighbor states. Pakistani officials quoted saying that the central theme is about economic security and rising together rather than starting or nourishing another 100 years of hostility with New Delhi. Kashmir will be a “vital national policy” issue for Pakistan. On Ground: Despite its professed turn towards Geo-economics, Pakistan has not yet provided transit to India’s aid of 50,000 tonnes of wheat to Afghanistan nor does it permit the trade of Indian goods to Afghanistan via its land borders.

.

• Share