PUNJAB JUDICIAL OFFICERS

ACADEMY
(A Project of Al-Bahria CSS Institute)
DAWN Editorials: 06 October 2023, Friday
Costly borrowing
THE finance ministry blaming the hikes in State Bank policy interest rates for the rapid growth in
public debt is a case of the pot calling the kettle black. A ministry official told a Senate panel the
other day that a 1pc increase in borrowing costs adds a whopping Rs600bn to annual debt-
servicing expenses. He maintained that the debt stock had surged by over Rs7tr since January
2022 due to the increase in the policy rate from 9.75pc to 22pc. That has, indeed, been the case as
soaring debt-servicing costs keep forcing the government to borrow more. As a new World Bank
report notes: `Higher policy rates are increasing government borrowing costs, driving higher
financing needs. These financing needs are ... being met through increased borrowing from the
domestic banking system. But the official modestly omitted to mention the contribution of the
government`s profligate fiscal policies to the quicker growth of its debt stock over the last year
and a half, i.e., failure to contain its large wasteful expenditures and boost tax revenues by
broadening the tax base. He also didn`t mention how the spike in government borrowing from
domestic banks to finance an average fiscal deficit of over 7pc year after year has crowded out the
private sector and fuelled price inflation.

The higher interest rate is a major contributor to our debt woes. But it isn`t the original sin. In
this case, extravagant fiscal policies are to blame. SBP has no option but to raise borrowing costs
to control the aggregate demand, which is expanding mainly because of unrestrained
government spending, and tame price inflation. The government is stuck in a vicious cycle. Its
debt problem is likely to be complicated with the passage of time because of its increasing
reliance on domestic banks for financing its fiscal deficit amid shrinking external official
budgetary support from multilateral and bilateral lenders. No matter how miscalculated the SBP
decision to hold the interest rate in its last monetary policy committee meeting was in the face of
elevated inflation, its reluctance is understandable. The government`s growing need to borrow
heavily from the local banks has severely constrained SBP`s ability to contain inflation through
policy rate increases. As of June, banks had allocated 74pc of their total loans to the public sector.
In contrast, credit to the private sector is down to 26.2pc from 30.3pc a year ago. Reduction in the
primary budget deficit is the only sustainable solution for the government to cut its bank
borrowings, alleviating the need for new inflationary liquidity injections from the central bank.
To achieve that, the government would have to shrink its budget deficit to 2-3pc by increasing
tax revenues to 25-20pc of GDP and cutting its wasteful expenditures.

Sr.# Word Part of Speech Meaning in Urdu Synonyms

01 Whopping Adjective ‫تہبڑبا‬،‫زربدتس‬ Enormous, huge

02 Soaring Adjective ‫ڑباتھوہا‬ Increasing, mounting
03 Omitted Verb ‫وھچڑدی‬ Excluded, missed
04 Profligate Adjective ‫اتب‬،‫ےباکر‬ Wasteful, reckless
05 Extravagant Adjective ‫وضفلرخچوال‬ Immoderate, unthrifty

06 Aggregate Adjective ‫ومجمع‬ Collective, cumulative

07 Unrestrained Adjective ‫ےباگلم‬ Uncontrolled, unrestricted

08 Reluctance Noun ‫اچکچہہ‬ Unwillingness, hesitancy

09 constrained Verb ‫دحمودیک‬ Forced, controlled

10 Alleviating Verb ‫مکرکےتوہئ‬ Lessening, lightening

Arranged by: Prof Naveed Sabri

21 Babar Block, New Garden Town, Near Barkat Market Lahore
0333-4438610 0300-4469650 0300-1905555 042-35911609
 PUNJAB JUDICIAL OFFICERS
ACADEMY
(A Project of Al-Bahria CSS Institute)

DAWN Editorials: 06 October 2023, Friday

Waiting for visas
BABAR Azam admitted to feeling at home in India but when Pakistan open their World Cup
campaign against the Netherlands on Friday, they won`t be seeing Pakistani fans at
Hyderabad`s Rajiv Gandhi Stadium. Pakistani fans with tickets as well as journalists continue
to wait for the issuance of visas, despite the Pakistan Cricket Board pointing out to the
International Cricket Council that the delay contravenes the tournament`s hosting rights
agreement. According to reports, the Indian cricket board has asked its government to speed
up the process, but for the opening game, it is unlikely that fans from Pakistan will make it.
With or without their fans, though, Pakistan will have to take the field against the Dutch and
perform in a game that will set the tone for the rest of the campaign. The build-up hasn`t
been encouraging. The Pakistan side lost both their warm-ups in India against New Zealand
and Australia and although those games were largely for practice and acclimatisation,
Pakistan`s bowlers have come up short.

The otherwise fiery Haris Rauf gave away runs at over 10 per over across both matches. But
the biggest conundrum facing Babar seems to be the fact that the spinners can`t stem the
flow of runs during the middle overs an issue that also hampered Pakistan`s campaign at last
month`s Asia Cup. Pakistan have little time to address that issue with games at the World
Cup coming thick and fast. Sri Lanka that edged out Pakistan to reach the Asia Cup final
await two days after the Dutch clash. The most anticipated fixture, however, comes on Oct 14
when they meet arch-rivals India, fresh from a victorious Asia Cup campaign where they
thrashed Babar`s men in record-setting fashion. For that game at the world`s largest cricket
stadium in Ahmedabad, it is hoped that fans from Pakistan are able to cross the border.
Pakistan need to start well with Australia to follow after India, before a match against
Afghanistan at the halfway point of the league stage. South Africa, New Zealand and
defending champions England are three of their last four opponents all tough propositions at
a time when the semi-final race will intensify. Babar is hopeful his bowlers will get back in
the groove and Pakistan fans with tickets would like nothing more than seeing the team
triumph in India provided they get there.

Sr.# Word Part of Speech Meaning in Urdu Synonyms

01 Contravenes Verb ‫الخفورزیرکان‬ Breaks, disobeys

02 Acclimatisation Noun ‫وماتقف‬ Adjustment, adaptation

03 Fiery Adjective ‫وجلیش‬،‫آیشت‬ On fire, blazing

04 Conundrum Noun ‫لیہپ‬،‫مسلہ‬،‫امعم‬ Puzzle, challenge
05 Hampered Verb ‫راکوٹدیپہیک‬ Hindered, fraught
06 Anticipated Adjective ‫وساچاجےنوال‬ Expected, predicted
07 Arch-rivals Noun ‫روایتئرحی‬ Chief rivals/opponents
08 Propositions Noun ‫اجتوزی‬ Proposals. Plans

09 Intensify Verb ‫دشدیرکان‬ Strengthen, exaggerate

10 Groove Noun ‫رقمرراتس‬ Routine, channel

Arranged by: Prof Naveed Sabri

21 Babar Block, New Garden Town, Near Barkat Market Lahore
0333-4438610 0300-4469650 0300-1905555 042-35911609
 PUNJAB JUDICIAL OFFICERS
ACADEMY
(A Project of Al-Bahria CSS Institute)

DAWN Editorials: 06 October 2023, Friday

Migrant crisis
WAR, persecution and poverty have driven millions of people from their homes, with many
making perilous journeys in search of greener pastures. Yet with the global economy not in a
healthy phase, and far-right groups everywhere pinning the blame on migrants, states are
struggling to deal with the crisis. The issue of irregular migration was on top of the agenda as
European leaders met in Spain on Thursday.

According to UN figures, around 186,000 people arrived in Europe during the first nine months
of the current year, with over 2,500 perishing while trying to make the treacherous journey
across the Mediterranean. This includes hundreds of Pakistanis who drowned in the Greel< boat
disaster in June. British Prime Minister Rishi Sunak has called for `Europe-wide solutions` to
address the crisis. Mr Sunak`s stance is almost progressive compared to the scaremongering of
his Home Secretary Suella Braverman on the issue of migrants. Ms Braverman, herself the child
of immigrants, told a Conservative Party moot that a `hurricane` of migrants, `uncontrolled and
unmanageable` confronted rich states. Such characterisations seem to echo the language used by
far-right white nationalist groups. But Europe is not alone in confronting the migrant tide; the
US has seen hundreds of thousands of people from Latin America cross its southern border every
month, while Pakistan has also taken questionable steps to send Afghans back to their country.

Whether it is the US, Europe, or Pakistan, all those seeking refuge and fleeing violence need to be
dealt with compassionately and humanely. Migration is essentially the result of a highly unequal
world, where the have-nots of the Global South seek to pursue their dreams in the glittering
cities of the Global North. According to the International Organisation for Migration, most
migrants coming to Europe this year are from war zones (Syria, Afghanistan) or states
undergoing financial turmoil (Egypt, Tunisia, Bangladesh, Pakistan). For those fleeing conflict,
many of these wars have been sponsored by the West. If the US and Europe can spend trillions on
waging war, surely they can shell out far smaller sums to help rehabilitate victims of conflict on
their soil or in safe states. As for those fleeing fragile economies, including ours, the truth is that
more equal societies need to be built so that people don`t have to risk their lives in search of a
future overseas.

Sr.# Word Part of Speech Meaning in Urdu Synonyms

01 Persecution Noun ‫ملظومتس‬ Oppression, torture
02 Perilous Adjective ‫رطخانک‬ Dangerous, hazardous

03 Perishing Verb ‫انفوہاجان‬،‫متخوہان‬ Killing, vanishing

04 Treacherous Adjective ‫رطخانک‬،‫دوھےکرپینبم‬ Unfaithful, deceitful
05 Scaremongering Adjective ‫ڈراےنوال‬ Alarming, glooming
06 Hurricane Noun ‫وطافن‬ Storm, cyclone
07 Glittering Adjective ‫اشندار‬ Impressive, sparkling
08 Turmoil Noun ‫ابتیہ‬ Chaos, uproar

09 Rehabilitate Verb ‫دوابرہاحبلرکان‬ Assimilate, neutralize

10 Fragile Adjective ‫زمکور‬ Delicate, weak, brittle

Arranged by: Prof Naveed Sabri

21 Babar Block, New Garden Town, Near Barkat Market Lahore
0333-4438610 0300-4469650 0300-1905555 042-35911609