“So issuing Eurobonds at over 6 percent for 5 years, over 7 percent for 10 years and over 8 percent for 15 years is an achievement?”
“OK, so the rates are a tad high, I mean given that the rates in the rest of the world are less than 2 percent and…and…wait Pakistan has never ever defaulted on its loans…”
“No we haven’t our governments, civilian and military, have instead slashed development expenditure rather than not meet our rising debt obligations and…”
“Hey development outlay is a wish list, a political statement that like all political statements need not be adhered to, I mean which party has adhered to its political agenda? The roti kapra aur makaan slogan is more valid today than it was during Bhutto’s lifetime, merit and privatization was PML-N slogan that was violated on day one as Nawaz Sharif appointed an accountant to be the economic czar of this country and….and I aint gonna refer to the U-turns by The Khan…”
“Why? They are too many?”
“Well, when he was ushered to power he was like John Snow of the Game of Thrones – he knew nothing about nothing…”
“Right, so going back to the rise in indebtedness due to the recent issuance of Eurobonds let me inform you that with the sixth IMF review deferred we needed the money, and…”
“Why can’t, we just slash expenditure – compare 2017-18 budgeted current expenditure of Rs 3477 billion, add Benazir Income Support Programme of Rs 121 billion and you have a total of Rs 3598 billion, with 2021-22 current expenditure of 7524 billion (which includes The Khan’s Ehsaas programme)! I mean the rise is 109 percent in just under three years!”
“Hey The Khan is taking care of it – no biscuits if you go visit him.”
“For Pete’s sake!”
“And the latest no protocol unless you are on official business.”
“That reminds me of an old English saying: penny wise and pound foolish is what I say.”
Copyright Business Recorder, 2021
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