Pakistan Economic Crisis: Pakistani economy is facing the worst phase in history. There the inflation broke the record of 58 years. The country’s foreign exchange reserves also continued to decrease. Foreign debt on the country has increased to more than 100 billion dollars. The value of Pakistani currency is also continuously decreasing. If it does not get foreign funds soon, then this country can also default.
In such a situation, Saqib Sherani, who has been the Chief Economic Advisor to the Finance Ministry of Pakistan, says that Pakistan is closer to becoming a zombie country than ever before. Saqib warned on Thursday (April 13) that due to the way Pakistan is facing the worst economic crisis in decades, this country can also become the next Lebanon, in fact Lebanon is such an Islamic country, which is doomed in economic crisis. Done. There people are fighting over food and drink.
‘Pakistan is also on the way to become Lebanon’
Saqib Sherani, who served as the Principal Economic Adviser to the Ministry of Finance from 2009 to 2010, compared the current situation in Pakistan with that of Lebanon, saying that Lebanon had a similar situation some time ago, which is now in Pakistan. Corruption, bad economic policies, increasing debt burden, not focusing on globalization, not being able to establish itself in global business, not taking concrete steps for mechanization are some of the aspects, due to which, Pakistan is also on the way to become Lebanon. .
Saqib said that this country has been ‘at risk’ for a long time. Incidents of infiltration or looting keep happening here. These words of Saqib have been published in a leading newspaper of Pakistan “Dawn”. He started his article with the banking crisis in America. He said that events in the US have brought a renewed focus on zombie banks.
‘Can’t there be zombie countries like zombie banks?’
He wrote, “Like zombie banks and firms, can there be ‘zombie’ countries?” He wrote on the current situation of Pakistan, “A country which is in economic crisis as well as political crisis, where the economy has collapsed, which cannot meet its debt and related obligations from abroad, and which How can things improve if they want to meet their needs only with the help of handouts and bailouts?”
Pakistan fits all the criteria listed by Sherani, on the one hand Islamabad is unable to repay its debts due to lack of foreign exchange reserves, on the other hand, its imports have also been banned. To overcome the fear of becoming a defaulter, he is now reaching out to friendly countries.
Can’t even handle IMF’s $1.1 billion tranche
Economists of the country believe that even the expected installment of $1.1 billion from the IMF will not be enough to handle the Pakistani economy and the country’s government will again have to beg for loans.
‘Pakistan nominally sovereign and independent country’
Sherani has even said that Pakistan is a nominally sovereign and independent country only on paper. He said, a large part of the population here is full of corrupt, selfish class. They think only about themselves and are busy in transferring their business and money abroad. He said that in order to save the country from these conditions, the Pakistani people themselves should come forward for the country.
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