conversation owe kashmir

The conversation we owe Kashmir

Some things become part of your identity long before you understand why.

 

My love for Kashmir is one of them.

 

I have never had to convince myself that Kashmir mattered. It simply did. I suspect most Pakistanis would say the same. We grew up believing that Kashmiris were not strangers separated by a Line of Control, but brothers and sisters separated by circumstance.

 

Over time, that state narrative became something far more personal. It became brotherhood.

 

And brotherhood, if it means anything at all, means respecting the other’s right to make decisions for themselves.

 

That is why I find myself standing with the people of Azad Jammu and Kashmir today.

 

Not because I oppose Pakistan.

 

But because I support Kashmir.

 

The public conversation has been reduced to “twelve seats,” as though the protesters have suddenly developed an irrational dislike for a number.

 

They haven’t.

 

This has never been about twelve seats.

 

It is about who gets to decide the political future of Azad Jammu and Kashmir.

 

For those unfamiliar with the issue, the Legislative Assembly of Azad Jammu and Kashmir consists of forty-five directly elected seats. Twelve additional seats are reserved for refugees from Indian-occupied Jammu and Kashmir who now reside in Pakistan.

 

On paper, the idea is understandable. Pakistan’s position has always been that the people displaced from their homes remain Kashmiris and should not lose their political voice merely because conflict forced them across the border.

 

No reasonable person would dispute that displaced Kashmiris deserve representation.

 

But representation is one thing.

 

Control is another.

 

Of those twelve refugee constituencies, nine are elected from Punjab and three from Khyber Pakhtunkhwa. In practical terms, this means that more than a quarter of the directly elected Assembly is chosen by voters living outside Azad Jammu and Kashmir.

 

The question almost asks itself.

 

How can the government of a people be decided, in such significant part, by those who do not live under its administration?

 

Imagine if overseas Pakistanis not only voted in Pakistan’s general elections, but their constituencies alone regularly decided who became Prime Minister. Imagine if governments in Lahore or Karachi depended upon votes cast by people who did not live there. We would immediately recognise the democratic tension.

 

So why is it unreasonable for Kashmiris to ask the very same question?

 

Supporting that question does not weaken Pakistan’s position on Kashmir.

 

If anything, it strengthens it.

 

For decades, Pakistan has argued before the international community that Kashmiris possess the right to determine their own political future. Self-determination has been the moral foundation of our case.

 

That principle cannot stop at the Line of Control.

 

If we genuinely believe Kashmir belongs to the Kashmiris, then we must also believe that Kashmiris deserve the greatest possible ownership over their own democratic institutions.

 

Yet the debate does not end there.

 

Many voices now demand the immediate abolition of the refugee seats.

 

The law, however, is more complicated than the slogans.

 

In June 2026, the Supreme Court of Azad Jammu and Kashmir reaffirmed that these seats are entrenched within Article 22 of the Interim Constitution. The Court described any alteration to the Assembly’s composition as a solemn constitutional act, not something to be extracted through political pressure. Moreover, Article 33 requires prior approval from the Government of Pakistan before amendments affecting core constitutional structures may even be introduced in the Assembly.

 

And perhaps that raises an even bigger question than the twelve seats themselves.

 

Why should a legislature elected by the people of Azad Jammu and Kashmir require Islamabad’s permission before debating changes to its own constitutional structure?

 

If our answer is that Pakistan has always stood by Kashmir, then I ask another question.

 

Since when has standing beside someone entitled us to stand over them?

 

Brotherhood is not guardianship.

 

Solidarity is not supervision.

 

Support is not control.

 

Pakistan has sacrificed diplomatically, politically and morally for the Kashmiri cause. That history deserves recognition. But history cannot become a perpetual licence to decide what is best for Kashmiris without listening to Kashmiris themselves.

 

The protests are not asking Pakistan to abandon Kashmir.

 

They are asking Pakistan to trust Kashmir.

 

Those are two very different things.

 

Whether the present constitutional arrangement ultimately changes is a matter for constitutional process, not street pressure. But constitutional process should never become an excuse to avoid constitutional questions.

 

The protesters have asked one.

 

It deserves an answer.

 

Because this was never about twelve seats.

 

It was always about whether we truly believe that the future of Kashmir should be written by Kashmiris themselves.

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The debt accumulated over decades cannot be attributed to one government or one fiscal year. Persistent fiscal deficits, a narrow and inequitable tax base, losses of state-owned enterprises, the energy-sector circular debt, excessive recurrent expenditure, exchange-rate depreciation and repeated balance-of-payments crises have all contributed to it. Borrowing became the preferred substitute for reform.  Governments borrowed because they could not tax influential sectors, restructure loss-making enterprises, reduce wasteful expenditure or build a competitive export economy. External lenders financed temporary stability, while domestic banks financed the fiscal deficit. Each arrangement postponed difficult decisions without removing the causes of the crisis. The Ministry of Finance reported public debt at 70.7% of GDP by June 2025. The ratio may improve when nominal GDP grows faster than debt, especially during periods of inflation, fiscal consolidation and lower interest rates. A declining debt-to-GDP ratio, however, does not necessarily mean that the debt burden has become harmless. Pakistan’s debt stock is still increasing. What has improved is the immediate cost of servicing parts of it. Total debt and liabilities servicing declined from Rs. 13.16 trillion in FY2025 to Rs. 11.97 trillion in FY2026. Interest payments on debt fell by more than 23%, from Rs. 9.47 trillion to Rs. 7.27 trillion, largely because lower policy rates reduced the cost of servicing domestic government debt. Interest payments on gross government domestic debt consequently fell from Rs. 8.08 trillion to Rs5.99 trillion. This is welcome relief. It should not be presented as the end of the debt crisis. Lower interest rates reduce the flow cost of debt; they do not extinguish the stock. Principal repayments on external debt and liabilities increased from Rs. 3.47 trillion to Rs. 4.47 trillion during FY2026. Pakistan therefore obtained relief on domestic interest payments while facing a substantially heavier external repayment burden. The distinction is between debt management and economic transformation. Pakistan may be moving from an acute debt-accumulation crisis towards a more manageable financing position. It has not escaped debtocracy—the system in which fiscal policy, taxation, banking, foreign relations and development priorities become subordinate to the requirements of borrowing and repayment. Debtocracy does not remain confined to the accounts of the Ministry of Finance. It is transmitted throughout the economy. The first channel is the banking system. Government securities offer banks sovereign backing, liquidity and attractive risk-adjusted returns. Lending to the government is easier than evaluating businesses, financing innovation or supporting small and medium enterprises. A large domestic borrowing requirement therefore creates continuous competition for available liquidity. The result is crowding out. The State obtains the funds it requires, banks earn relatively secure returns and the private sector bears the adjustment. Productive businesses face limited access to credit, higher risk premiums and shorter financing horizons. Smaller enterprises suffer the most because they cannot compete with the sovereign for bank liquidity. This creates a financial system that can remain profitable while the productive economy remains weak. Deposits are mobilised from citizens and businesses, channelled into government securities, and then used substantially to meet recurrent expenditure and service earlier debt. Banking expands without an equivalent expansion in productive capacity. The second channel operates through foreign exchange. External debt repayment creates demand for dollars. That demand places pressure on reserves and the current account. Any resulting exchange-rate depreciation increases the rupee value of external liabilities and raises the domestic price of imported fuel, machinery, raw materials and intermediate goods.  The chain is direct: External repayment creates foreign-exchange demand; reserve pressure increases exchange-rate sensitivity; depreciation generates imported inflation; and inflation raises working-capital requirements and production costs. Debt consequently becomes a corporate balance-sheet issue. An industrial enterprise may have no external loan, yet still bear the effects of sovereign external debt through a weaker rupee, costlier imports, higher energy prices and restricted access to domestic credit. Consumers ultimately pay through inflation, reduced employment and lower real incomes. The third channel is fiscal. Every rupee allocated to debt servicing is a rupee unavailable for education, health, water, climate resilience and productive infrastructure—unless the State raises additional revenue or borrows again. Pakistan then enters a circular arrangement: borrowing creates servicing obligations, servicing compresses development expenditure, weak development limits growth and revenue, and insufficient revenue necessitates further borrowing. This is why a primary surplus, though necessary, is not sufficient. It can stabilise debt dynamics, but

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