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Pakistan in economic crisis


The current economic crisis in Pakistan has taken a terrible turn. The new coalition government came to power at a time when the country is in the throes of high inflation, current account deficit and foreign exchange reserves. Moreover, there is a volatile political situation in Pakistan at the moment.

PLM-N politician Miftah Ismail said the fiscal and current account deficits were at an all-time high. However, every new government in the country tries to magnify the economic crisis of the previous government.

Ismail claims that the current account deficit is growing. However, it is unlikely to reach two billion dollars. The country’s fiscal deficit is widening, which could exceed the previous government’s estimate of 6 percent of GDP. Meanwhile, the amount of foreign reserves is also declining.

Meanwhile, the country’s economy is in deep crisis. The situation is worse now than it was when the PTI government came to power. Meanwhile, the situation is getting more complicated as the IMF has delayed the loan assistance of one hundred billion dollars for various reasons. Moreover, China is also taking time to write off large amounts of debt.

In such a scenario, the current government of the country will have to make some changes in the tax system to deal with the crisis and revive the economy. There is a need to bring everyone, including the influential, under the tax. Privatization of some state-owned companies is also essential for the country to reduce its revenue and expenditure deficit.

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In addition, some government policies need to be changed to increase exports and meet import costs. However, the new coalition government will not have much time for reform. But they can initiate change for sustainable development.

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Scoopearth Team

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