ECONOMICAL CRISIS IN PAKISTAN HAS BECOME THE REGULAR TALK OF THE TOWN SINCE THE COALITION GOVERNMENT TOOK CHARGE.
Have a look at the budget of Pakistan. You will find that a big chunk is designated for loans and payments.
There is a need to formulate such an economic policy on a regular basis. And we can save a huge amount of money from spending on them.
Political instability and running the country’s economy by borrowing from the IMF are the major causes of Pakistan’s economic instability.
Military and political governments have ruled the nation on occasion. Moreover, all of them have created economic plans on a transitory basis.
Pakistan is now experiencing significant issues in the energy industry. Gas, electricity, and gasoline are all insufficient for home use. As a result, these fundamental commodities need to import. Consequently, external payments will require a significant portion of the budget. Very little money is kept in the 2022 budget, for the development of the industrial sector. This only has Rs 800 billion set up.
However, there are two crucial factors for getting out from under the IMF’s thumb.
Apart from any political connections, all political and economic forces in Pakistan should collaborate to develop a unified economic policy for the country. This will lead to economic self-sufficiency.
To address both the electrical and water issues we need to construct dams. we need to investigate the gas sector to make up for the gas shortfall. In fact new there is a need to write new agreements and every office should follow them.
IF THE CIRCUMSTANCES PERSIST:
In terms of the IMF, Pakistan has participated in 20 of its projects. Besides this has only resulted in a massive increase in poverty and a load on the economy in the form of debt and interest payments.
Increased remittances from Pakistanis living abroad, as well as the effective use of technology, can help to stabilize the country’s economy. It’s also critical to eliminate corruption and attract significant taxpayers into the tax system.
One of the most significant steps in resolving economic issues is to eliminate interest in the country’s economy.
According to the World Economic Forum, money lies in a few hands, with the few getting richer and the poor getting poorer as a result of the interest economy.
Beyond the level of an individual or a political party, there is a need to think and prepare for Pakistan alone.