The Financial state of Pakistan is perceivable to anyone who comprehends. It is sad to say that relying on the assistance of others has always been the focal point of Pakistan's economical management system. Since 1950, Pakistan has availed 22 bailouts from IMF. This corrupt diplomacy of borrowing from foreign lenders and friendly countries led to a steep rise in debt approximately $248.7 Bn which is 80.2 pc of the GDP of Pakistan. Real disappointment commences when authorities, even after getting loans, never invest in Human development projects which results in substandard human resources. They never financed long-term Technological and Industrial development projects and as a consequence industrial development is almost zero and Pakistan became a major importing economy. The economy is primarily agriculture-based with a massive lack of evolution in a sector. PAK budget is not enough to unlock further IMF loans, IMF refused and imposed strict conditions also. Now government set new tax measures aimed at increasing revenue collections. According to the Pakistan Bureau of Statistics, the Consumer Price Index (CPI) increased to an all-time high of 187.84 points in august 2022. Necessities, transportation, food, electricity everything is quite expensive. Continuous Rupee depreciation against the Dollar worsens GDP. Furthermore, the current situation made Foreign Investors reluctant since the country has been devasted by the outburst of floods, and risks of declining payment capacity are increased in the country which results in a slowdown in the inflows of FDI. Here are some exact facts and figures reflecting the current financial condition.
The country's stability includes Human Resources, Natural Resources, Industrial and Technological Development, Capital Formation, and Socio-Political Factors. These all are equally crucial. In my opinion, Government should have to focus more on the geo-economy instead of geopolitics. They should have to invest in education instead of spending major GDP on arms and ammunition. The constant rift between the regime of military and civilian government is spoiling the country's stability from day one. This must be halted now.