Muhammad Usman
IT is a universally established fact that when debt of a country reaches beyond its repayment capacity, its sovereignty is in jeopardy. It retards its freedom of action at times of crisis because it depends on amount of autonomy, it is left with. Nowadays, debt has become a powerful instrument of statecraft to subjugate nations without having Army and administration there. It is an ingenious substitute to physical action. A crafty debt trap is laid around targeted nations to shepherd them according to own whims and fancy. For nations, it is easier to fall into debt trap but harder to get out. In tandem with grant of lavish loans, it is also ensured that money is not used with effectiveness rather it goes down the drain. In process, time and money both fritter away. The borrowed money could open new vitas of development provided it is spent on projects which generate growth, not produce white elephants which not only consume massive public spending but also entail huge recurring expenditure to upkeep them. Over the last decade, Pakistan was lured into similar debt trap. In addition to this, it slipped into sinkhole of all types at the hands of corrupt and inept leadership, thrust upon under banner of Charter of Democracy, signed on the behest of US. There is nothing novel about it. It is a common knowledge. In the aftermath of 9/11, though General Musharraf is accused of falling to US pressure cheaply however, eventually, he started questioning logic of US’s mantra of “Do More”. In face of a big superpower, one could only do so when one is sufficiently strong internally because diplomacy begins at home.
The courtesy malicious Charter of Democracy, he fell into trap of his exit and Pakistan into debt trap along with other maladies of stunning proportions, afflicting economy, state apparatus and moral and social fabric of the society. Without meaning to relegate threat of these afflictions, our economic woes presented immediate and pressing danger with debt soaring to alarming level of 72.5% of GDP. Pakistan was technically insolvent until borrows more to avert impending default. On top of this, no state enterprise was self sustained. All were guilty of living off the state massively. The current account deficit was at $18 Billion. The circular debt of Rs 1200 Billion was another migraine. New government under Imran Khan, found itself in ring to box with its both hands tied on the back. The government has made all efforts including compromises for revival of economy yet it is in ICU. Any push/jerk could tip it instantly. Its extra care required, has also caused Pakistan to suffer loss of face diplomatically. One instance is of genuine matter of concern however, other one is open to debate. One is Pakistan’s decision not to attend Kuala Lumpur Summit 2019, called by Malaysian PM, Mahathir Mohammad after consultations with Muslim majority states, particularly, Pakistan and Turkey. The Summit was to deliberate issues that Muslims world face globally. Kashmir issue was likely to fetch major attention as three major proponents of Kashmir cause ware there; Malaysia, Turkey and Iran. PM Imran Khan did not only second the idea of Summit but also vehemently promised to attend it personally. At eleventh hour, Pakistan had to skip it under duress economically from Saudis as they considered it a potential platform that could challenge OIC, led by Saudi Arabia and ultimately, could erode its political and diplomatic clout among Muslim countries.
In particular, Saudi Arabia was perplexed with presence of its rivals, Turkey, Iran and Qatar on the forum. Pakistan’s decision in point, depicted its vulnerability in foreign affairs to outside pressure. The harsh critics called it Pakistan’s diplomatic subservience to Saudi Arabia. The neutral stance of Pakistan on recent standoff between US and Iran has also come under stick and is being again ascribed to outside pressure, primarily on the ground that neutrality is always a favour to the oppressor. This criticism is not entirely off the mark. Debt takes its toll however, Pakistan cannot be clubbed with countries under huge foreign debt because of variety of reasons. It has professional and valiant Armed Forces which have always proved their mettle under trying conditions. These can compensate the nation for its many inadequacies. Pakistan has immensely important geo-strategic location in the region which adds many chips to its bargaining position. Then it has people who have learnt art of living under heaviest odds. These are no rhetoric rather a proven fact. Two examples may suffice to prove their authenticity. In 1971, with dismemberment of the country, it was viewed that remaining Pakistan is a sandwich between two regional powers; India and Iran. It may not be able to stand against them squarely but here was the leadership which was ready to fight for one thousand years. It was ready to eat grass but wanted to make atom bomb as an equalizer and done it despite world was unwilling to grant this right of self-defence. Nation stood with them steadfastly. At the time of announcement of US South Asia Policy in Aug 2017, for Trump, Pakistan was a proclaimed offender to peace. Pakistan stood to its ground despite his blatant threat to change and change immediately. Pakistan did not change and US did. Now it is a peace broker for Afghanistan. Our friends and foes both know limits of our flexibility.
— The writer, a retired Lt Col, is freelance columnist based in Islamabad.
