KARACHI: The Moodys report on the countrys interest costs will double by 2025 from those of 2021, Jamaat-e-Islami Sindh on Thursday voiced concerns over the debt trap strangling the national economy.

The debt trap now is really strangulating our national economy, JI Sindh Chief, Kashif Saeed Sheikh said, worrying that the debt repayments would snatch away 40 percent of the countrys total spending.

He dubbed the global financial institutions such as the IMF and World Bank new East India Companies, which plunder the country's resources through lending loans on interest.

The country cannot overcome poverty, hunger and deprivation while remaining in this vicious debt cycle, he was of the opinion, fearing that countrys prosperity stood compromised with 40 percent debt repayments.

Despite the countrys constitution and the apex courts verdicts, the rulers are unwilling to ban the interest based transaction in the country, Kashif criticized.

He demanding of the parliament for fresh legislation to restrict governments from borrowing foreign loans in the future, suggesting the country should utilize its own resources for development and prosperity, besides retiring the existing loans at earliest.

The JI Sindh Chief also criticized the countrys establishment for creating political issues to divert the public attention from the alarming threatening economic situation.

Copyright Business Recorder, 2024