Thursday August 18, 2022

Averting disaster

July 05, 2022

The Pakistan government's gross debt will decline from 74 per cent of Gross Domestic Product (GDP) in 2021 to an estimated 71.3 per cent of GDP in 2022, according to the International Monetary Fund’s (IMF) projections. How long will we be in debt? How long will our rulers reach out to other countries? Will our rulers only fill their coffers or will they think of the people? How long must our nation endure this humiliation?

The country is facing a serious economic crisis in an environment of political turmoil and uncertainty. If timely policy actions and corrective measures are not implemented, Pakistan can face a default crisis like Sri Lanka, which will raise inflation and unemployment and choke off financial growth. The poor and the vulnerable segments of the population will be hardest hit. To avoid such a scenario the current government must do more to bring down its liabilities while coming up with new ways of attracting financial inflows into Pakistan.

Naba Saeed

Kallar Syedan