THE country did progress economically before 1958 with some foreign aid and our resources. The Pakistan Industrial Development Corporation (PIDC), with Ghulam Farooq as chairman, did wonders in setting up industries in both East and West Pakistan in very difficult situations when the private sector was not coming forward to invest, and trained manpower was not readily available.
Many industries came on stream after 1958 for which the military ruler got the credit and the PIDC was forgotten. But we did not hear of foreign loans.
Some previous governments are responsible for economic development that included non-essential projects, with foreign loans, machinery and expertise but without developing a payback capability while claiming spectacular achievements.
Self-reliance as practised in China has never been taken seriously by any government here. Thus development with the help of foreign loans without a payback capability has been found as the easy way to ensure quick results for political point-scoring. As a result, the country is sinking deeper in the foreign debt trap.
We must ensure that we select only vitally needed projects on the basis of real necessity and start seriously developing self-reliance in as many fields as possible.
A citizen
Rawalpindi
Published in Dawn, October 2nd, 2020
