Loud Thinking

My letter published today by the daily “Pakistan Observer”.

A WAY TO REDUCE DEBT BURDEN

Pakistan Observer
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A WAY TO REDUCE DEBT BURDEN
Syed Nayyar uddin Ahmad

Sunday, February 01, 2015 – Three recent steps (activation of National Action Plan against terrorism, reduction of the prices of petroleum products [sans the lubricants] and swiftly controlling the shortages of petrol in the province of Punjab) initiated under PM Nawaz Sharif’s direct command, speaks volumes about his concerns regarding the public welfare issues, for which you deserves full kudos. In this regards, I invite his attention towards the fragile economic situation of Pakistan and the golden opportunity available to us, in the shape of an international decline of prices of the petroleum products. Pakistan’s economy is heavily burdened by the sheer weight of debt servicing, which in coming days will keep on increasing. We must find some out of the box solutions to eliminate the debt burden of the country soonest possible. Now considering that the poorest of the poor has had negligible benefit or the trickle down effect of the petroleum prices reductions, in at least the public sector transport fares’ segment and also considering that reduction of debt burden of the country is the prime strategic objective, it is proposed that the financial benefit of any further reduction(s) on the petroleum products prices (except of the kerosene oil) should be deposited in a National Debt Servicing Fund, to meet the most important financial need of the country. I am sure many financial wizards will oppose this proposal and bring their own reasons, to resist the above suggestion, but nevertheless, they should be told that no solution is perfect/ideal and the country can not shift its focus from its major issues, due to minor problems.

—Lahore