With the economy turned to shambles amid leadership failures, a Pakistani man has raised alarm and lamented the country's continuous trapping in a vicious cycle of taking loans to pay back previous loans.
Ayaz Amir made the outcry and called for a fresh leadership perspective in government as the country continues to wallop in crisis over foreign loans.
Pakistan has been enmeshed in a debt crisis in a bid to solve its economic woes, with the country getting more loans from global giants including China.
Governments keep repeating mistakes of their predecessors
Amir said the country's leadership has failed while the population is growing amid poor economic policies, Republic world reports.
PAY ATTENTION: Subscribe to Digital Talk newsletter to receive must-know business stories and succeed BIG!
"We could not solve the economic problems of our country when the population was 11 crores during the regime of Zia ul Haq. How our incompetent and failed rulers are going to improve the economy when the population has doubled to 22 crores,'' Amir wrote in Dunya Daily.
"We have seen the governments of dictators and they all had one thing in common, take loans to solve the problems and then take more loans to pay back the previous loan."
Meanwhile, China has made a hard bargain with Pakistan when it comes to paybacks on its loans and other investments in Pakistan. In the fiscal year 2021-2022, Pakistan paid around USD 150 million towards interest to China for using a USD 4.5 billion Chinese trade finance facility. In the financial year 2019-2020, Pakistan paid USD 120 million towards interest on USD 3 billion in loans.
FG to get more loans from Europe
Chinese loans have over the years come in handy for the Nigerian government in its drive to build train infrastructure, which is recognized as one of the present administration's significant accomplishments.
However, in a meeting in December 2021, China announced plans to cut down loans given to African leaders following backlash across the world.