Moot on ‘Drop the Debt, Not the Health’ organised

SUKKUR: A public forum “Drop the Debt, Not the Health” was organised by the local NGOs to discuss the current economic situation of the country, also suggesting lenders to reschedule debt payment to ease Pakistan at such a crucial time of when there is Covid-19 outbreak.

A speaker said the purpose of such public forum was to create a wider opportunity for the community leaders to raise regional and national issues, including education, health and financial situations of the country.

He suggested that additional investment in health and social sectors was needed to ease people’s lives, as the federal government might not be able to mobilise the revenue. He also identified that the national/international donors, including World Bank, IMF, Asian Development Bank, and private lenders, should consider the current financial situation of the country and should reschedule Pakistan’s debt payable in 2020-21. The speaker added that it would help Pakistan to fight against the recent wave of Covid-19 outbreak.

Another participant said, “The debt cancellation is crucial for Pakistan’s survival because of the recent health and economic challenges posed by Covid-19 are unprecedented in the country’s history." He said as observed earlier, Pakistan’s economy was not in a good shape with rising current account and fiscal deficit.

He added due to the prolonged lockdown and global economic slowdown, the economic growth of the country is projected in minus, as -2.2 to -1.2 in 2020, 0.3 to 0.9 in 2021 and 3.2 to 3.3 in 2022. The current situation seemed not favourable and may lead to an increase in poverty, unemployment and inequality in the country.