Essay No. 190:
Credit Lost Is A Venice Glass Broken Which Cannot Soldered: Credit is compared to a glass, which once broken cannot be mended. Credibility of a person must be high in life, because once it is lost due to wrong acts, is lost forever. A person, who borrows loans from different sources but does not return them in time, loses loans from different sources but does not return them in time, loses credibility.
No one trusts him and he will not be able to seek loan form anyone. He is like a Venice glass broken never to be mended. The maxim is applicable to Third World countries, which are obliged to seek economic aid in the form of loans, carrying high interest rates, to finance their economic development programme.
Once loans are obtained, they are not paid back in time to creditors. That gives rise to increasing external debt and poor countries are buried neck deep in debt. Pakistan’s position is most unenviable on this count. If more aid flows do not come, the debt cannot be repaid.
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A large percentage of aid flows is utilized in paying off accumulated debt. Pakistan owes a large external debt to clear off, but it cannot do so, as it’s foreign exchange earning capacity is limited owing to small quantum of exports as compared to growing volume of imports.
The trade deficit continues to increase with the passage of time. The point to note is that a country, which loses its credibility for one reason or the other, earns the epithet of unreliability. It can thus experience formidable difficulties in negotiating credit to meet its needs at the international level.
The maxim brings home to the reader that he should struggle hard to maintain his credibility in life under all conditions. The also applies to nations—big or small, as well. Once credit is lost, it cannot be regained easily.