WHEN I learned that Pakistan had been appointed chairman of the Borrowers Platform, a forum representing developing countries facing debt challenges, I found myself caught between pride and concern. Diplomatic recognition is welcome, but should we really celebrate leading a group of borrowing nations when our own economy has struggled with financial dependence for decades?

There was a time when Pakistan’s economic standing told a different story. Historical accounts suggest that in 1963, Pakistan extended a loan of Rs 120 million to West Germany. Today, more than six decades later, we remain trapped in recurring fiscal crises, mounting debt obligations and repeated appeals to international lenders.

Borrowing is not necessarily a weakness. As someone with a background in finance, I recognise that responsible borrowing can stimulate investment, create employment and strengthen economic........

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