Pakistan’s debt has surged to over Rs60 trillion, over one-third of it being foreign debt. This has put a significant strain on the country’s economy and has resulted in a lack of resources for essential services such as healthcare, education, and infrastructure. The main cause of this situation is the government’s inability to control its expenses and revenue collection. The country has also struggled with a large trade deficit, low foreign investment, and a decline in its foreign exchange reserves. These factors have led to a decrease in the value of the Pakistani Rupee, causing inflation and making it difficult for the average citizen to make ends meet.
The government has taken some steps to address these issues, such as seeking financial assistance from international organizations and implementing economic reforms. However, the process of recovery is slow and requires a sustained effort from the government, businesses, and the citizens of Pakistan. The country needs to focus on increasing its exports, reducing its imports, and attracting foreign investment to stabilize its economy and reduce its foreign debt.
Muhammad Waseem Akram
Dera Ghazi Khan