By: Zarar Chauhan
This seems like a small thing from an IMF spokesperson, such clarifications are routinely issued by the Secretariat of the International Monitoring Fund. This press release about Pakistan struck a chord with millions of fans like me. What have our politicians done to the country? From which mouth will they now go to ask for votes for the general elections in February.” The spokesman of the IMF said that by June 30, 2024, Pakistan’s outstanding debt will be 820 trillion rupees. Expected to increase by Rs 1 trillion, the fiscal deficit is also likely to cross Rs 82 trillion this year (equivalent to 7.8 percent of GDP).
This is the Pakistan of Quaid-i-Azam, for which the largest migration in history took place on 14 August 1947, and for this free homeland, the forced and oppressed Muslims of the subcontinent shed rivers of fire and blood… Not far away, it is only yesterday when Pakistan 80 used to give loans to China in the decade of This was the Pakistan whose five-year economic and economic plans would be copied by Korea, Singapore and Malaysia proudly. Kuwait’s airline was supported by our veterans, today the same Pakistan and the same PIA, ‘Railway’, PTV and Radio Pakistan are bound in debt. Our “beloved politicians” have taken away the smiles from the nation’s faces. Due to inflation and unemployment, people are committing suicide. Despite my efforts, I could not forget this heartbreaking incident that took place in Faisalabad on the afternoon of December 1, 2023. The laborer committed suicide after killing his sons and wife due to non-payment of debts. I want to ask, on whose neck will these four murders go? Three crores of our youth are unemployed of which one crore are graduates. Last week there was a video wire based on the conversation of the IG with the constable candidates. The IG sir asked every candidate about his education, in response Civil Engineer, Mechanical Engineering, MA English, MPhil even PhD were seen forced to become a constable!!
How far will you listen? How far will I tell?
There are thousands of doubts. What should I tell you?
The caretaker Finance Minister Shamshad Akhtar says that the debts owed to the country and the cost of their services have reached an unsustainable level and the net interest payment on these debts has reached 2.44 billion dollars and if we do debt servicing on the country’s debts. If we add it, its volume has reached 7302 billion, which is 50.5 percent of our total budget expenditure, and by June 30, 2024, its volume will reach 8200 billion in the previous fiscal year and 9224 billion by the next financial year. A review of the history of outstanding loans shows that from 1947 to 2008, the total debt of Pakistan was 6127 billion and today, unfortunately, it has reached 6200 thousand billion and the volume of foreign debt is 130 billion dollars. The payment of service has reached an alarming level of 2000 billion. According to the World Bank, Pakistan is among the ten countries that have taken the most debt at the global level. In terms of loans received from the IMF in Asian countries. Pakistan is at the first place, whereas in June 2006, Pakistan’s payable foreign debt was 36 billion, on which the debt service burden was only 1666 million dollars, that is, Pakistan was a medium indebted country. It used to be in the middle of the group, but after that, due to the recklessness and incompetence of the corrupt rulers, the economic conditions have become so dire due to the debt burden that we can even negotiate on the debt. In need of foreign loans, the foreign exchange reserves of Saudi Arabia, China and the Gulf countries are standing on the repeated expansion of the deposits. They would make the country economically stronger by investing in development projects, but we used this military and economic aid as a confectionary shop and a fatiha of Nanaji. They started building cars and houses by taking loans from banks
They used to drink from debt and thought that yes
Our hunger will bring color one day
According to Fawad Hasan Fawad, 86% of the tax is collected by FBR without any effort, only to collect 286 billion, such a big white elephant has been reared, although by taxing agricultural income and real income of businessmen and eliminating corruption from the institution, FBR BR can collect five thousand billion rupees in taxes, but who will do that? We will either be defaulted by the debt, or China, Saudi Arabia and the Emirates will take pity on us and forgive our debts, then maybe something will be spent, otherwise the elites will continue to scratch this dead body like donkeys. It is also news that the People’s Party and PMLN have started working on the election manifesto. Claims are being made to make the country and people prosperous, one should ask these leaders that they have been swinging the power for 20 and 25 years. If you cannot change the destiny of the people in such a long period, how will you change it in the future? Those who make people’s lives miserable are now again coming forward as sympathizers of the nation. The sign of inflation is that today’s Pakistani can buy two dozen eggs for 500 rupees, not two liters of petrol…!! For the first time in my entire life, I have seen people taking loans