Pakistan is going through its worst economy right now with a liability to repay around $73 billion by 2025. The present situation of Pakistan is its own creation due to the mismanagement. Pakistan needs to make tough decisions if it wants to be seen as a responsible nation in the global community.
Officially Pakistan has not stated ant thing but the newspaper Express Tribune said that with continuous rollovers of loans that have come from China, Saudi Arabia and the UAE among others, the country has already done so 'technically'.
As per the Pakistan’s Defence, a platform providing news and analysis related to the country's defence, strategic affairs, security issues, and military affairs noted that 'the infelicitous phrase international basket case might better apply to Pakistan today than when it was applied to Bangladesh in the 70s. Now Bangladesh has surpassed the Pakistan economically and in quality of life.
As per an analyst it says that Pakistan focus has always been on things that have little bearing on the economy. The problem has surged with the deep rooted corruption, a state of denial, political uncertainty and an obsessive focus on Kashmir.
Where he said that Bangladesh has focused on the economy, human development and rooting out terrorism pushed it to the situation in which it is.
Trade between India and Pakistan has been suspended since 2019. While Pakistani industrialists have been stressing on the need to open up trade with India, its political class remained unmoved with an obsessive focus on Kashmir. Bangladesh sees its future in human development and economic growth. Goal posts are set at increasing exports, reducing unemployment, improving health, reducing dependence upon loans and aid, and further extending micro credit,' an article carried by the Pakistan based Dawn said in 2019.
Pakistan has only focused upon check-mating India throughout, and not on the human development that comes as a second priority to them. Pakistan has putted its national energies toward the war and terrorism and not on country making.
India has banned the trade with Pakistan since 2019, where Pakistani industries have been stressing to open up the trade again.
The country has became cash starved and facing multiple issues like food shortage, electricity shortage and currency depletion. The foreign exchange reserves held by the State Bank of Pakistan, its central bank - stand at $4.6 billion-barely enough to cover a month's imports.
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