Pakistan’s foreign debt has reached an all time high – $73 billion. The IMF has estimated that if the country continues to acquire external loans at this pace, the loan is likely to reach $90 billion by 2020. The reliance on external financing has rusted away the country’s economic potential. To minimise the dependence on external supports, the country needs to stabilise its economy by reducing imports, maintaining balance of payments and diversifying resources for export promotion.
Foreign debt is a form of economic terrorism. In the words of John Adam, “There are two ways to conquer and enslave a nation; one is by the sword and the other is by debt”. Structural changes are needed to make the economy stable and reduce the possibility of foreign debt.
Sana Asim
Karachi
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