Big decisions in the life of nations are made only in difficult situations, so Pakistan will have to throw crutches and stand on its own feet. The period of misery that is going on now has never been seen before by the hungry and bare people of this country.
The high authorities and rulers are saying that everything will be fine but in fact the country has gone bankrupt. According to a national newspaper, if the country is to be run, Pakistan will need 120 billion dollars in external loans in 5 years.
According the report Pakistan will need $120 billion in gross external debt in the next five years, which is 126 to 274 percent more than Pakistan’s foreign exchange reserves, thus the country will face a crisis like default. According to the report, Pakistan Institute of Development Economics Reform Urgent Reform Agenda report says that Pakistan needs to correct the system to ensure prosperity and economic development.
In the next financial year Pakistan needs 24 billion 90 million dollars, 22 billion 20 million dollars in the financial year 2025-26, 24 billion 60 million dollars in the financial year 2026-27 and 24 billion 90 million dollars in the financial year 2027-28. Will Pakistan will need 120 billion dollars in total foreign loans in the next five years, which is 126 to 274 percent more than the foreign exchange reserves of Pakistan.
The requirement is very high. 506.70% for the current financial year, 273.60% for the next financial year, 170.80% for the financial year 2025-26, 145.60% for the financial year 2026-27 and foreign exchange reserves in the financial year 2027-28. 126.40% higher than Pakistan’s foreign exchange reserves are insufficient and challenges are increasing due to inflation while the rate of investment is very low in terms of GDP.
Dr. Nadeem ul Haq, Vice Chancellor of Pied, addressed Pakistan’s economic challenges. A comprehensive approach has been emphasized for this. Pied has given an agenda of regulatory modernization, tax reform, market liberalization, energy sector efficiency, improvement in agriculture and improvement in the banking sector to meet these challenges.
If we take the further loans its burden will also fall on our daily life. It is very bad vision, if look at it every year the allowances of judges, generals, elites and elected members of the assembly are increasing but the economic condition is falling day by day which is a slap on the face of this whole system.
It is writing with great guilt that in our country’s history of eight decades, no government has come except the former dictator Field Marshal Ayub Khan, who has focused on industrialization or investment in the country and that is still going on.
Even big economists like our Governor State bank could not give any policy to the country which could be implemented to get the country out of this mire of debts. The worse situation is that the educationists who teach economics in our universities are still contenting themselves with publishing books from India and other countries, that is why no real experts are coming forward from which it can be estimated how stagnant we are in this regard.
These bad situations of ours make us question whether the time has not yet come that we should accelerate our efforts to stand on our feet more than before.
If as a nation we do not adopt ourselves to the situation even in these unfavorable conditions then our conditions will become more and more different day by day.
Therefore it is necessary that instead of spending our minds on more debts, we should focus on this how should we go back to self-esteem and determine our own paths while walking with international organizations.
