Pakistan: If there is anything that is needed the most to run any country, it is money—specifically, how much money is in the treasury and what the economic condition of the country is. Every country takes and repays loans from time to time in different ways according to its needs and development. There are many big countries that are considered developed, but still, the debt of those countries is in trillions of dollars. The bigger the country, the more debt it will have because it has to spend the loan money to run the country. However, this does not mean that the country is poor due to debt; the loan money is also repaid in installments from time to time, often facilitated by the relationship between the borrower and the lender.
The country we are talking about today has a very bad condition in terms of debt, and if the situation is not improved at the right time, it could fall into extreme poverty, making it difficult to recover. The name of that country is Pakistan. Let’s talk about the total debt of Pakistan according to the updated report. After 2022, Pakistan’s foreign debt is more than $126 billion, which is 3% less than in 2021. Before 2021, Pakistan’s debt was $130 billion, and in 2020 it was $118 billion. The question is, what is the reason behind such a huge debt? This debt is up to 74% of Pakistan’s total GDP, meaning if the banks in Pakistan become corrupt, it could lead to severe consequences for the country and its people.
From the very beginning, political parties and their leaders in Pakistan have been ruling the country according to their own interests. Before winning, the leader of every party assured the public of development but forgot these promises after coming to power. Instead, they started running the country by taking loans and not using the loan money properly. Today, Pakistan is transferring its currency to America. In terms of dollars, Pakistan is far behind.
Pakistan was formed in 1947 by separating from India. After gaining independence, India has developed significantly and emerged as one of the top successful countries in the world, while Pakistan has slipped into the ranks of the poorest countries. Inflation has increased so much in Pakistan that it has become very difficult to live, eat, and drink there. Expenses are increasing, but no one is monitoring whether this debt is being used properly. Even at the international level, Pakistan always portrays itself as a victim. There is a lot of worry, yet no one cares about what is happening inside the country.
Pakistan should learn from its neighboring country, India, where there has been significant development. Today, the whole world recognizes India and its leaders. Through this post, we want to convey that taking a loan is not a bad thing, but the loan money should be used properly. This proper usage can lead to development for the country and its people. If even after taking a loan, poverty and the situation remain the same, then it indicates deeper systemic issues that need to be addressed.
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THE PLANET POLITICS
