Karachi: Foreign loans in the comforts and luxuries of the rulers are a significant concern, with expenditure heavily reliant on external loans, Khalil Ahmad Thande. The revelation by experts that 40 percent of Pakistan’s total budget next year will be allocated to interest payments has alarmed many and highlighted the deep-rooted issues within the nation’s financial management.
According to Pasban Democratic Party, Thande criticized both past and present governments, labeling their reliance on loans from the IMF and World Bank as incompetence. He accused corrupt rulers of depleting the nation’s resources and relying on foreign loans, which he argued only serve the comforts of the elites rather than benefiting the public. Thande emphasized the need for fiscal reforms, including broadening the tax net and reducing unnecessary expenses, to alleviate the burden of debt and promote sustainable economic growth.
The PDP leader also highlighted the role of the bureaucracy and elites, who have been influential in the country’s politics for decades, in perpetuating the cycle of dependency on external financial institutions. He called for sincere leadership to implement urgent measures to reform Pakistan’s economic system, suggesting that increasing exports could help reduce reliance on foreign loans. Thande underscored the need for a focus on development projects and the reduction of interest payments to foster economic stability and growth.