Re: Country twice as indebted as in June 2008
Our govt has no source of income other than foreign aid. The only job creation done by this govt was in the public exchequer. Nothing has been done to invigorate private businesses and private jobs creation. Govt is not managing with lesser resources. Its simply not managing. All public sectors are damaged beyond recognition. PIA, railways, you name it.
The fact that we have to pay double digit interest on our loans is a matter of shame, not pride. Our govt is squandering what little they have on interest payment…and what little is left goes into corrupt pockets(rather the other way around).
You are right. Finance is not my subject. Kindly explain to folks like me how despite the fantastically rosy picture you painted, our country is mired in muck that is neck deep? If there is so much money to throw around, surely the power sector would have been fixed by now at the very least.
Pak govt borrowed 50 billion rupees from ADB to accommodate the payments to the thousands of excess employees they plugged into public sectors in a cronyism move that shamed the entire country. Surely they could have done that from resources within, since the banking sector ‘is so strong’? And you are claiming that Pakistani govt does not live beyond its means.
India and China, yes. Bangladesh, maybe. But with governments like the current one, Pakistan, not in a million years can be the focus of the world from an economic perspective.. Rosy pictures and fiery speeches dont turn economies around. Action on the ground does that. All democracies in Pakistan have been a mess. The current government however, has been one of the most blatantly corrupt governments we have ever seen.