$61 billion

This refers to the article, ‘$61 billion’ (September 18) by Dr Farrukh Saleem. The writer has very aptly mentioned that the $46 billion given by China is a loan and not a grant. And this loan, however soft it may be, has to be returned by the Pakistan government. In this context, there’s a famous proverb: “There are no free lunches in this world!” The total debt that Pakistan owes to its foreign creditors (including this $46 bn) comes to a whopping amount of $107 billion. How and when this loan would be paid back is a big question. Pakistan even doesn’t have the means to pay back instalments for its existing loan of $61 bn. It has to look towards the IMF for this. What will happen when the instalments for the loan of $107 bn will have to be paid? As for now, each Pakistani man, woman and child is indebted to foreign creditors to the tune of Rs115,000.

How will we feel when we start selling our airports, sea ports, railways, real estate, banks, etc., to pay off our accumulated debt? Maybe we would have to live with reduced pays and pensions too. The government that would be in saddle at that time would feel the brunt. As for now, the amount of $46 bn is intact. We have to save it from rampant corruption. Have we made any arrangements to that end?

Air-Cdre (r) Azfar A Khan

Rawalpindi