Public policy analyst Durdana Najam, in an article in ‘The Express Tribune’, says that even before receiving a new tranche of any loan, it suffocates to meet its previous commitments
Pakistan Economic Crisis: Even though the neighboring country Pakistan (Pakistan), which is facing economic crisis, has accepted every condition of the International Monetary Fund (IMF) to get a loan of US $ 6 billion and the IMF has talked about sending a team by the end of this month. Somewhere, but in Pakistan now the voice against the debt policy of the government is getting louder.Half of the debt goes to pay interest on foreign loans.
Senior journalist and public policy analyst Durdana Najam, in an article in the Pakistani newspaper ‘The Express Tribune’, said that the Pakistani government’s inability to fulfill its previous commitments even before receiving a new tranche of loan is a major issue with each new tranche. becomes a marathon forHe has written that every new loan increases the burden of foreign debt, instead of recovering from this, the country is going into the abyss.
He has raised questions as to how long Pakistan will continue to borrow loans from the International Monetary Fund and allied countries like China, Saudi Arabia and till when the Pakistani economy will be gasping to pay their instalments.
Najam wrote, “Pakistan is currently going to enjoy the 22nd IMF program while already owing billions of dollars in the name of interest payments.”He has written that Pakistan is constantly turning to the IMF, Saudi Arabia and China to get out of the crisis of current account deficit and continuously falling foreign exchange reserves.The loan from these will also meet our external financial obligations, which are linked to paying off our loan installments and meeting the huge import bill, including most importantly oil purchases.
The author writes, “Why does Pakistan need outside help to meet its financial obligations? The answer is simple: Pakistan’s spending far exceeds its financial capacity and means of raising funds. Furthermore, any For the development and progress of a country, two things are essential: one is the strict rule of law and the other is a strong and non-compromising tax system. Similarly, a developing country is characterized by its ability to save and invest. Any country that has these four fails on these parameters, gets bogged down in an intolerable economic quagmire. Unfortunately, Pakistan is bogged down on these parameters of development.”
He has written that the question is, can one survive by standing in a quagmire?No.If not, how is Pakistan swimming in the quagmire?The answer lies with the elite of Pakistan.
