Pakistan is again calling for reparations and debt cancellation in light of the heavy loss incurred by floods triggered by heavy rains. Islamabad is getting international aid in terms of cash and relief goods from friendly countries but PM Shehbaz Sharif says the response is not as strong as it was expected after the massive destruction.
On the practical economic side of things, there is a real question of whether a debt-ridden Pakistan can transition to a greener economy while also preparing for further climate change-related disasters which it is too late to prevent, but whose impact could still be mitigated. FM Bilawal Bhutto Zardari has also said that Pakistan do not want aid but demands justice for the people who are badly hit by floods. The brunt being faced by Pakistan is not created by Islamabad.
Sadly, after every calamity, we see the world for rescue but our own resources which are limited being misused. The situation will not be changed until countries like Pakistan struggling to stay afloat can get far more than just some breathing room. They need a tank full of oxygen and dry ground to stand on.
A degree of economic stability might be achieved through a transformation of capitalism which sets it on a path where it doesn’t keep on pummeling the natural environment. Will the transformation come at the cost of growth? It doesn’t have to if we are smart about how we transition to a cleaner economy. But if it comes down to that perhaps we might consider it a bargain to let go of growth for some time and keep our lives. This may be another one of those infamous ‘difficult decisions. Perhaps this may be a chance to pay attention to the distribution side of things, about relative shares of the pie rather than the size of it.
PM Shehbaz Sharif in his meetings with the world leaders in the United States has urged them to suspend the debt payments of Pakistan as the country is already facing a devastating situation after floods.
This is not all, the UN chief has also voiced support and assured PM Shehbaz of every possible support for flood-hit Pakistan. The time will tell about the results of PM Shehbaz’s visit to US.
