Pakistan Submerged in the Debt Trap..!
Pakistan submerged in the debt trap..!
There is a feeling that government is mortgaging the future of the country with the foreign donor agencies, by taking so much huge amount of loans (that too just for the repayment of the old loans), which this poor country may never be able to repay. This means that in every terms, we have gone bankrupt; and can’t even breathe without the debt life line.
Today, Pakistan is not under huge debt, rather, it is completely buried under the debt. The government has borrowed Rs.611 billion in just 40 days from the state bank of Pakistan, as against Rs.507 billion in full year (2012-13). In other words, the PMLN’s government has borrowed Rs.15.3 billion per day in 40 days as against Rs.1.4 billion per day by the previous regime in 2012-13.
The 6% depreciation of Rupee vs the USD in the last 80 days, has cost Pakistan Rs.3.5 billion per day and has added additional Rs.276 billion in public debt in the last 80 days. (Figures quoted in this para and its preceding para were reported by Dr. Ashfaque H Khan, in his article titled “A nation’s debt” published by the daily “The News” dated 27 August, 2013).
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