Whether it is an individual or a nation, debt is a great calamity for both, and if this debt is wrapped in the curse of interest, then an individual or a whole nation is trapped like a helpless and weak bee in a spider’s web and have no way out.
The best and wisest policy is to run the economy in such a balanced manner that one is not forced to approach a usurious moneylender for a loan. For this purpose, it is very important to keep the economy and administrative machinery transparent, automatic and active, to protect the country’s system from corruption and treachery, to bring transparency in the system, to balance the income and expenses and to take every step carefully. In this regard we can take clear guidance from the life and teaching of our holy prophet Muhammad (PBUH), who in one of his saying says that moderateness and prudence in spending is half economy. In the same saying extravagance and wasteful spending have been strongly discouraged.
Economic problems do not arise by adopting these general and certain human experimental principles of economy, while by ignoring them, the building of a bigger and stronger and stronger economy will soon become hollow and wake up in the pit of bankruptcy.
Unfortunately, like other developing countries of the third world, surrounded by economic crises and mismanagement, we also have all those negative factors in full force, which are destructive termites and abominations for the building of the economy. This is the reason why the country’s economy has been nominally surviving on the artificial respiration of high interest loans for a long time due to factors such as gross inefficiency, non-transparency, wasteful bureaucratic expenditure, lavish spending by rulers and mismanagement.
A loan is a temporary and forced arrangement, a loan is obtained for a certain period to meet a pressing need. The desired and good strategy is to repay the loan within the specified period and also to make arrangements so that the compulsion of borrowing again does not arise, but the unprofitable, incompetent and unemployed people get addicted to debt. And they suffer from the disease of spending their life with the help of debt.
Pakistan has a foreign debt of more than forty thousand billion rupees, this mountain of debt did not stand up overnight. This huge pile of debts and unbearable burden proves that we are a poor, needy and work-thief nation and we have no sense of responsibility.
From the very beginning, we have made the temporary arrangement of borrowing and expenses and making temporary payments a permanent habit and national policy, but how long will this process last? The debt has increased to such an extent that our lifeless economy is unable to repay even half of the loans taken so far.This is the reason why the IMF, in order to beg for one more installment, imposed inflationary sanctions on the whole nation.
According to the latest report, IMF has shown red flag for CPEC projects. This report shows that as hard as the IMF has decided to give a new loan tranche, our hands and feet have been tied by imposing much stricter conditions behind the wall. The purpose of these strict conditions of the IMF is to ensure the repayment of the given loan. If we do not manage and do not take concrete steps to revive our economy, then after some time, those horrific clouds of bankruptcy will again hover over our heads, which will surround our national existence in more complications than the current difficulties. Today, if CPEC and other development projects are red circled, then tomorrow we may have to sign a certificate of surrender of our nuclear power and defense needs.
In trapping the country in the vortex of this bad situation, all the powerful instiutions, without discrimination, all the politicians and bureaucrats have a share. It is necessary that all the stakeholders, politicians and authorities become united on the issue of economy and debts and formulate such a process by consensus, which remains intact despite change of governments. Current situation is very serious, any unnecessary adventure and frivolous behavior can plunge the future of the nation into darkness.
