FILE PHOTO: An employee counts U.S. dollar bills at a money exchange in central Cairo, Egypt, March 20, 2019. REUTERS/Mohamed Abd El Ghany
The Senate Standing Committee on Economic Affairs voiced strong criticism over Pakistan’s growing dependence on foreign loans, with its chairman, Senator Saifullah Abro, questioning the government’s repeated borrowing practices.
During a recent committee meeting, Senator Abro delivered a sharp rebuke, saying, “What’s the point of taking loans that push the country toward collapse? The real problem is that we borrow just to repay old loans. Every morning, the news proudly announces a $100 million loan as if a son has been born.”
The committee was reviewing Pakistan’s borrowing record from the International Monetary Fund (IMF) and other global lenders when the remarks were made. Members expressed frustration over how successive governments have celebrated loan approvals rather than economic independence.
Officials from the Ministry of Economic Affairs told the committee that complete loan data from 1984 to 2025 is available under various programs, while the State Bank confirmed that data from 2008 onward has been digitized. Records prior to 2008, however, remain in manual form and are difficult to retrieve.
Senator Abro directed officials to present a comprehensive report of all loans obtained since 2008 in the next meeting, remarking that “after 2008, we’ve seen the rise of new Pakistan, old Pakistan, and many Pakistans — all built on borrowed money.”