NATIONS and leaders who never learn from history lead their nation to similar fate as that of Granada. Abu Abdullah had also liquidated the last fort of the Muslim Spanish empire, in Granada, because there was way more spending than the income.

For the last few years, our political leadership has been walking the same dangerous path that has doomed nations more often than not in history. During the government of Benazir Bhutto, I had scrutinised the Prime Minister’s Self-employment Scheme in 1990-91 through the National Bank of Pakistan (NBP). Some startling facts had come to light.

The NBP had lost over Rs10 billion due to massive corruption without achieving any result as most of the loans were sanctioned to political cronies and friends of the bankers’ mafia.

The adviser on finance, V.A. Jaffery, disagreed with my findings, but when it was confirmed by the bank, he, too, felt sorry. During the same period, complaints were investigated against corrupt bankers responsible for the tragedy of the Bank of Credit and Commerce International (BCCI). Again, there were exotic tales in the air.

Recently, I was surprised by media reports suggesting that certain government schemes related to the national youth have been assigned to a bank which is hardly worthy of the ‘reward’. Pakistani account holders, I think, have a reason to worry.

Ali Ashraf Khan
Karachi

Published in Dawn, March 27th, 2023