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Thursday, May 23, 2024
HomePakistanPakistan on verge of bankruptcy but political parties differ: Report

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Pakistan is on the verge of bankruptcy but the political parties and the establishment think that since the country is a nuclear power, other nations will help and ultimately prevent it from going bankrupt, Pakistani vernacular media reported

The political parties also said that because of its strategic location, other foreign nations would not let Islamabad be disintegrated and will give loans, reported Pakistani vernacular media.

Further, according to Sindh Express Assar Imam, a vernacular publication, Pakistan repeats its old habit of asking the money from foreign powers. Recalling the past, the vernacular media said even 15 years ago, Islamabad was doing the same thing.

Such situations are no less than a state of bankruptcy when a country admits before other countries that it cannot repay its loans and is seeking rescheduling repayment. The only difference this time is that the default mode will not be temporary but could be permanent.

The vernacular media also blamed former Presidents Zulfikar Bhutto and Asif Ali Zardari, stating that Pakistan is paying the price of the former wanting to bring up an Islamic block and the latter wanting strengthen trade ties with China and Iran.

The declassified American documents say very clearly that World Bank and IMF will be used as American ‘weapons’ to make others toe to American foreign policy. Pakistan and the Philippines are two such countries that have been impacted by this connection.

The biggest wall that Pakistan faces is the International Monetary Fund. If Pakistan accepts IMF’s terms and conditions, it loses popularity and vote bank. The dilemma for the government arises from the fact that if it does not take IMF loans, it is difficult to run the government. In order to take loans from other countries, the government has no option but to accept IMF’s harsh terms and conditions for getting its loans. In this way, the government can just defer the onset of bankruptcy for the country.

According to vernacular media, the next few years seem to be very tough for the country, putting very big question marks over the country’s survival and its future. Pakistan’s political parties have no will or inclination or ability to reform and set things right. And, they also don’t have truly revolutionary parties and no party has the time to rise above factional feuds and ego hassles.

Be it elected government or one subservient to the army, they keep framing policies for the benefit of the one per cent upper class, for their luxuries and for protecting their rights. And, this one per cent rules the country, neglecting the remaining 99 per cent of the populace.

In fact, this is the war of rich versus poor in the country and it has been going on.

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