Pakistan Economic Crisis: Pakistan is currently facing a serious economic crisis. The country’s rupee has gone down to a historic low of 275 against the US dollar. Due to the huge increase in inflation, the problems of the common people have increased a lot. The country’s foreign exchange reserves have fallen to the lowest level since 1998 by around US$ 3 billion.
Due to the huge shortage in Foreign Exchange Reserves, the government of Shehbaz Sharif is now refraining from importing many essential things.
Why was Pakistan ruined?
According to news agency PTI, global strategic experts have said that its friends in the Islamic world now believe that it has to put its house in order. At the same time, we have to stop supporting terrorist groups operating from our region. Pakistan’s former ambassador to the US and senior fellow at the Hudson Institute, Hussain Haqqani, was quoted as saying by PTI, “Terrorism has deterred foreign direct investment in Pakistan and its unrealistic dependence on China has resulted in huge foreign debt.”
bad relations with neighbors
Hussain Haqqani further said that Pakistan’s relations with its neighbors are also not good. There is limited trade potential due to poor relations with Afghanistan and India. Pakistan needs to go beyond the political economy of struggle to become prosperous and that is a long way off.
Serious leadership problem in Pakistan
According to a PTI report, former Indian Army Chief General (Retd) JJ Singh has also mentioned the plight of Pakistan. He said that it seems that Pakistan has already pressed the button for self-detonation. He said that the situation in Pakistan is slowly getting out of control. It is a matter of serious concern for everyone that the countries possessing nuclear weapons are in a situation where there is a serious leadership problem.
promotion of terrorism
Pakistan has often been using terrorists against India. Now TTP terrorists themselves have become a bone in his neck. Continuous attacks are being carried out and army and police personnel are also being killed along with innocent civilians. Former Indian High Commissioner to Pakistan G. Parthasarathy suggested that Pakistan should move away from promoting terrorism and focus on constructive economic cooperation if it wants to put a complete stop to the crisis.
Let us tell you that Pakistan is just a few steps away from being defaulted. Pakistan’s friends including China, Saudi Arabia and other countries are now turning their backs. In such a situation, Shahbaz Sharif’s government is now pleading with the IMF for a loan.
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