Like every previous civil and military government which had ruled the country, present PML-N government on assuming the power had quite triumphantly announced that it would break the begging bowl, get rid of shackles of the International Monetary Fund (IMF) and stop borrowing from international financial institutions. But in reality, the size of the begging bowl has kept alarmingly increasing during the last three years with more and more foreign as well as domestic borrowing no matter from where and on what terms.
Only the other day, I was greatly alarmed, quite shocked and felt concerned on reading reports in the media that the government had borrowed heavy loans of more than Rs 14 trillion from IMF and World Bank and another over Rs 2376 trillion from domestic banks during last three years and the borrowing continues in unabated and unashamed manner with every passing day. Anyone good at minus and plus, unlike the worthy Chartered Accountant turned politician and Federal Finance Minister, can work out how much huge burden of debt has been additionally put on already heavily indebted every citizen of Pakistan in just three years of the present government.
There is no denying the fact that massive development works are being initiated and implemented by the present government. It is also quite right that every country has to borrow resources from international financial institutions for financing vast development projects in all sectors across the country. But at the same time, everyone will be much happy if the ratio of locally generated resources is quite appreciably more than foreign loans secured for undertaking massive development works. But to great dismay and disappointment of everyone around, all development works are being undertaken with almost fully with borrowed funding and this is no good at all.
People would certainly and surely appreciate if the federal as well as provincial governments generate more and more resources locally by tapping , exploring and exploiting the huge natural resources, which are spread all over underneath, with which Almighty Allah has blessed Pakistan. At the same time, avoidable expenditure by the federal and provincial governments should also be curtailed to the maximum extent possible and much needed development works initiated and implemented mostly with locally generated resources (without heavy taxation) and the big which is getting bigger begging bowl broken at least once, please.
MUHAMMAD MURTAZA ZEESHAN
Lahore
