According to State Bank’s report as on 30 September, 2009 the external debt of Pakistan has risen to $ 55.26 billion, the ever highest. It was $ 44.46 Billion last year on 30 June, 2008. The volume of payable debt will further increase to $ 60 Billion after receiving the amount of present agreement already undertaken with IMF.
The repercussion of this huge debt has already started to become visible on the
socioeconomic spectrum of Pakistan.
- Continuous devaluation of Pakistani currency.
- Foreign exchange reserves are depleting fast.
- Petroleum prices are increasing.
- No economic development plan.
- Increasing prices of utilities, services, edibles.
$ 100 Billion written off as a result of NRO, if brought back to the macro level economics and the corruption is checked, nothing can stop Pakistan to prosper as it has abundance of human and natural resources.
W. replied on Wednesday, December 2, 2009 06:02 AM
Read the book "Confessions of an Economic Hitman". This is all part of American agenda for Pakistan. Americans trap developing economies in debt spiral, only to later make them default.
When you take debt, you sign sovereign guarantees, which basically entail that If you are unable to pay, then the creditors take hold of your assets. It is international law and one has to abide by it. In our case, our strategic assets are our Nucleur technology, which Americans want us to deprive of.
East Timor got independence from Indonesia after the country's default on its debt obligations. In case of Pakistan, 60% of our earnings are already going to debt servicing, and if it reaches any higher than that, we are likely to default (God Forbid).
May Allah save Pakistan. |
shafi replied on Wednesday, December 2, 2009 01:27 PM
this website willl explain alot
www.brasstacks.pk |
Ahmad replied on Wednesday, December 2, 2009 02:48 PM
Indebting any nation is a modern way of slavery.
Now Pakistani engineers and scientists are available for cheap prices. This is why US will always support that leader most who take most loans.
When ever new political govt. comes its finance minister embark on foreign journeys begging loans.
We need some one like Shaukat Aziz to salvage our economy once again. |
Azad K replied on Wednesday, December 2, 2009 06:35 PM
By acquiring debt a country is selling a part of itself or its future. We need to ensure that any loans that we acquire add value to our economy, rather than become a burden the benefits of which we do not see. |
