This letter refers to the article ‘Full reserve banking: Part - I’ (May 9, 2024) by Qanit Khalilullah. The writer very impressively explained how the government is increasing the burden of debt by taking loans and paying interest. But the real matter of concern is: why does the government take loans from global lenders if it has all the resources needed to boost the economy? Sadly, the government is failing to take advantage of our talented students/graduates who are leaving the country as soon as they get a chance.
Aside from vast human capital, Pakistan has countless other resources to utilize but its failure to do so has left it stuck in a prison of debt. It is really a matter of great concern that despite being rich in natural resources, Pakistan is still compelled to take loans. It is high time for the country to become self-reliant and shed its dependence on foreign loans.
Zakeer Baloch
Awaran
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