The main 'debt' problem chasing Pakistan..!?

When Pakistan's economy is in a state of bankruptcy, 3 current countries have helped in many ways, but only china has provided financial assistance of 700 million dollars. It is an offer that other countries facilitate trade, who will bet on a horse that does not run. Since pakistan has been pushed to the point of economic bankruptcy, the important question for all parties is how they are going to pay off the debt that is piling up like a mountain in the name of the country. Pakistan's external debt alone is 22 billion dollars. 17.87 lakh crore rupees in Pakistani rupee terms.
The government of pakistan is waiting for a loan from the IMF when it is struggling to provide even basic services to the people due to a lack of funds. New announcements were made to collect hundreds of crores worth of tax to get the first installment of 1.1 billion dollars from the debt of about 6.5 billion dollars. Following this, Pakistan's prime minister Shehbaz Sharif said that various concessions have been stopped for the country's ministers, political leaders, government officials, and government departments in order to reduce government expenses. As of december 2022, Pakistan's external debt stood at 17.87 trillion rupees (Pakistan Rupees), a significant decline from 18 trillion rupees in september 2022.Pakistan's net foreign exchange reserves stood at around $3.2 billion as on february 17. In January, it was less than 3 billion dollars, and it was at this stage that the government of pakistan sought help from its allies. To increase the foreign exchange reserves of pakistan, the country's largest bank has announced a loan of about 700 million dollars on behalf of the Chinese government. China's sudden financial aid to help pakistan recover from economic crisis Global rating agency moody's has downgraded Pakistan's sovereign credit rating from 'Caa1' to 'Caa3'. This is the lowest rating in the last 30 years.

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pakistan debt problem

Sowmiya Sriram

02/03/2023 10:03 PM