Pakistan’s foreign debt and liabilities have been increasing rapidly over the last several years. The government is forced to borrow heavily from external sources — including multilateral and bilateral creditors, and commercial lenders — in order to meet its foreign debt repayment obligations, as well as to finance its budget, development and imports.
The exponential growth in foreign debt levels underscores that the country has been unable to attract adequate non-debt-creating, long-term inflows like FDI or increase its exports to meet its external account requirements.
On the other hand, Inflation has soared throughout most of the two-year tenure of the PTI government. What makes it taxing is the fact that elevated food prices remain the noteworthy contributor to this havoc. No matter which government comes, the rulers always keep their political interests in mind.
The main objective of Quaid-e-Azam Muhammad Ali Jinnah’s ideology was to create a state where the people are prosperous but unfortunately, every ruler who came to Pakistan sacrificed national interests and that is why today we are surrounded with innumerable problems.
The Constitution of Pakistan is bound to provide education, health, employment and other basic necessities of life to the people but no government in Pakistan has taken any steps in this regard. The people of Pakistan may have thought that the present government would really change the country but even today the same old people are deciding Pakistan’s economy.
One of the main reasons why the economy has not changed in Pakistan is that the mafia is getting richer and richer by setting its own rates everywhere. Today the investor is taking profit but the country’s development is halted, the assets of the emperors are increasing but there is no increase in taxes.
At this time Pakistan needs economic reforms for which we have to work seriously and need to make competent people part of the parliament who know what steps should be taken to solve the problems of Pakistan.
This situation calls for a joint effort from the federal and provincial governments since provinces have to act as facilitators to the federation to corroborate vigilant price monitoring. It is only possible if the politicians step out of their parochial populist narrative and contemplate the gravity of this enigma.
The policymakers must develop time-sensitive plans to observe the demand-supply scenario in various regions and devise an effective mechanism to distribute commodities across the country equitably. In this way, they can allow the import of goods in case of shortages and permit exports when production is in excess.