The begging bowl gets bigger every day in Pakistan. The country enters the point of no return. With reinforcement loans and additional loans to repay the old one has turned the country into a bankrupt black hole.
The situation is so alarming but the filling class of Pakistan not even taking the right steps to correct their mistakes.
The CenterPoint of any nation’s policy will be its national growth but in Pakistan, it’s quite different. The policy and national resources in Pakistan are spent on illegal activities. Their nation aim is to stop India from achieving further growth and development.
This very policy has made Pakistan into a vassal state for superpowers. Earlier it was the US which had the complete control of the country and now it’s China. India has grown into a major player in the global economy and military arena.
Instead of focusing on their own nation, The Pakistani government and the corrupt Pakistan Army has drowned their country into never-ending debts traps.
What do the statistics say?
Pakistan’s Total GDP is about 41 trillion rupees as per the bank’s data. But the total liabilities and overall debt stood at 44 trillion rupees till June 2020.
Which means Pakistan now has the debt more than it’s own total GDP ceiling. And has no money spend on national development.
The prime Minister of Pakistan recently said that his country’s future depends on China. This is the statement made by Pakistani Prime Minister Imran Khan shamelessly accepting the truth that China is the one who can help Pakistan survive for a few more years.
The country has involved in destabilising the entire region with its proxy wars on India and Afghanistan. Many United Nation banned organisations operates freely inside Pakistan.
These groups get support financially from Pakistan’s notorious intelligence agencies like ISI and Pakistan Army. People of Pakistan has no hope left on these national political parties and Pakistan military. Who themselves involved in many scams and looting the taxpayer’s hard-earned money.
Now the dept and liabilities have engulfed Pakistan’s total GDP. On the other hand, 50% if the national budget now been used to repay the previous loans for several failed projects like CPEC.
Instead of supporting the poor people to survive, The Pakistan Army requested and got a 70% hike in salary for its officers. Pakistan’s defence budget is also increasing every year. Leaving very little money from the national GDP for repairing the countries economic situation.
With no income and heavy repayments, In coming years we can expect this 107% of debt and liabilities to touch record-breaking levels. Pakistani economists worry that the debt to GDP ratio might become 2:1. The cycle of borrowing to pay the previous loans will continue in future as well.
Hope at least from now on Pakistan will stop sponsoring proxy groups who are involved in destabilising the region.
