MORTGAGE NATIONAL ASSETS

The government has recently sought permission from the federal cabinet to mortgage major airports and national highways to meet the budget deficit in the next financial year. Information Minister Fawad Chaudhry has confirmed that the federal cabinet has approved the mortgage of Islamabad, Lahore and Multan airports and three motorways, including the M-1 motorway, for the issuance of 2.5 billion Eurobonds. M-3 Motorway (Pindi Bhattian, Faisalabad) and Islamabad Expressway, while Islamabad Club and Fatima Jinnah Park have been removed from the list. The Ministry of Finance has sought NOCs from the National Highways Authority (NHA) and the Civil Aviation Authority (CAA) to mortgage their assets, for which the NHA has sought compensation for mortgaging motorways. The government has sought permission to mortgage assets without compensation. The Finance Ministry has estimated the value of Lahore Airport at Rs 980 billion, Islamabad International Airport at Rs 230 billion, Multan Airport at Rs 320 billion and Islamabad Expressway at Rs 470 billion, while the government has already mortgaged Jinnah International Airport Karachi at Rs 700 billion. Out of the FBR’s total revenue collection of Rs. 4721 billion this year, interest payments on loans are more than Rs. 3000 billion. Pakistan’s Debt Limit According to FRDLA, the government cannot borrow more than 60% of the country’s GDP, while our debt has reached 87% of GDP, of which external debt is 116 billion. If these loans were taken for dams and other infrastructure projects, it would have been beneficial for the country and the loans could have been repaid from the profits of these projects but unfortunately, the new loans are being used to repay the old loans. They have to keep national assets are the honor and dignity of the country but in Pakistan sometimes these assets are confiscated abroad and sometimes they are mortgaged which is not worthy of a sovereign country.

When countries are unable to repay their debts due to poor economic conditions, representatives of multinational companies are sent to the Hawks, whose eyes are on the debtor’s oil, iron, copper, gold and others are based on natural resources. The indebted countries are forced to accept the political pressure of these financial institutions. The same thing is happening in Pakistan today. Pakistan has in the past given its territory and military bases to NATO, the United States and its allies for the Afghan war, while today the country’s economic policies are being formulated in accordance with the terms of international financial institutions. Similarly, due to US pressure, a project of national interest like the Pak-Iran gas pipeline has been delayed, in view of which my question to the readers “Is Pakistan has also become a tool of these international economic killers?”

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