Some say we must borrow to develop infrastructure. Where did those we are borrowing from borrow theirs from to have enough to lend? If they made theirs, where were we when they were making theirs? Some say borrowing to develop infrastructure is a beautiful thing so long as we make judicious use of the borrowed money. Grammar! Have we ever made judicious use of anything? What nourishes their hope that this time around its going to be different?
Even if we make judicious use of the borrowed money but allow the infrastructure to go down the drain due to lack of maintenance, of what use will that be? For me, once you borrow to develop infrastructure, you are living above your means. True, some countries borrowed to develop infrastructure and built on the results, many borrowed for infrastructure but failed to build on the results.
The latest and worse trend now is loss of ownership of the developed infrastructure due to loan repayment default. I also know that some countries have come from the ruins of war and risen to high levels in record time without any loans, in fact even began to lend to the lazy countries. Doing nothing about our attitude, our efficiency of operation and seeking external help in any form is never a better way to get to the promised land.
