RECENTLY, the World Bank authorised a loan of Rs84 billion to Pakistan. The money was apparently disbursed from the Resilient Institutions for Sustainable Economy programme to the State Bank of Pakistan. It is a lot of money for a country that was supposed to be on the path to self-reliance. The alleged reason for this particular loan is to offset the costs imposed by the coronavirus pandemic, which has led to closures and setbacks globally. Pakistan always has good reasons for taking on more debt.
The bonanza of the debt-ridden will not last forever. Current downturns in the US and the West in general mean that less and less money will be apportioned to the World Bank for developing nations. The developed nations themselves are going to have their own economies to resuscitate, and the isolationist position of the US may get further entrenched if President Donald Trump is re-elected to a second term. And, even if all the money in the world is available, perhaps the country, now inching its way towards the 100–year mark, should at least aim towards being self-sufficient.
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