Pakistan efficient in seeking debt, pathetic in boosting exports

If Pakistan ever launches a “national skill inventory,” debt-seeking deserves pride of place—right next to cricket and political speeches. Few nations can match our talent for locating, negotiating, and securing loans at record speed. In fact, if there were global rankings for borrowing, Pakistan would be a top-tier performer. Our only handicap is that medals can’t be pledged as collateral.

Over the last few years, we have turned debt acquisition into a disciplined craft. China rolls over funds before we even finish the request. Saudi Arabia extends deposits faster than we can print press releases thanking them. And commercial banks? They happily oblige—charging interest rates so high they should come with a health warning. But we take the money anyway, proudly calling it “stabilization.”

Yet when it comes to boosting exports—the one activity that could actually reduce our dependency—we become painfully sluggish. The same state that can negotiate billions overnight cannot help exporters ship a container on time. Infrastructure collapses, policies flip, energy costs skyrocket, and bureaucratic hurdles stretch on longer than IMF conditionalities.

Our export basket still resembles a museum catalogue: textiles, some rice, a bit of leather, and heroic claims that IT exports will one day rescue us. Meanwhile, competitors raced ahead years ago. Bangladesh became a garment giant, Vietnam turned into a global manufacturing hub, and India climbed the tech value chain. Pakistan? We perfected the art of writing desperate letters requesting “emergency support.”

We do not lack vision—only execution. We produce policies like an assembly line but refuse to implement even the simplest reforms. Instead, we remain obsessed with “new inflows,” as if the nation is a smartphone constantly running on low battery and eternally plugged into someone else’s charger.

It is the grand irony of our economic life: we can sell our pleas faster than we can sell our products. Friendly countries trust us with their money more than global markets trust our goods.

Until Pakistan learns to earn instead of borrow, we will remain trapped in this cycle—experts at seeking debt, amateurs at creating value.