The inability of the government of Pakistan to reduce even the electricity tariffs itself without permission of the International Monetary Fund (IMF) is proof that the debt trap has virtually robbed away our sovereignty, regretted Pasban Democratic Party (PDP) Chairman AltafShakoor here Sunday.
He said though on paper we claim that we are the citizens of the Islamic Republic of Pakistan but practically we have become the subjects of the international lending institutions, like IMF and World Bank. He said we give almost 80percent of what we earn to these lenders for their heavy loans and interests and run the country with the remaining 20 percent.He said the time is not far away when our whole budget would go into the belly of our lenders.
He said the debt trap is no more a fiction but it has become a dreadful reality of the people of Pakistan. He said that the whole nation is protesting against the hike in oil and electricity prices and demanding of the government of Pakistan to reduce these tariffs but the government sadly can’t do anything, as the country’s policies are virtually being made by our internationallenders. He said unless we get rid of these foreign loans we can’t live the life of an independent nation. He said the slavery of the international lenders is worse than the slavery of the former East India Company, and the British rulers.
He said the previous government had taken some brief bold steps likebanning imports of luxurious goods but it could not continue a firmstand and soon took summersault not only on the import policy but alsoagreed not to intervene for maintaining the value of the Pak rupee.He said the result is more shortage of the US dollars and moredevaluation of the Pakistani rupee.
He said with every devaluation ofthe Pakistani rupee our foreign debts rise automatically and the debttrap goes further tightened around the neck of this poor nation.AltafShakoor said to lessen the import of fuel we have to go solar on awar footing basis but again the government seems dragging heels as nomatching steps are being taken to solarise Pakistan on an emergencybasis.
He said interest free loans and subsidies are required on microlevel to turn households in Pakistan on solar power. However, thegovernment lacks firm courage and commitment also on this crucial front.He said the situation would result in more public protests and morechaos. It may spread anarchy and further destabilize Pakistan, which isthe real target of our enemies.