KARACHI: Pakistan’s total debt (external and domestic) is on surge, reaching the historic mark of Rs. 64 trillion by the end of August 2023, which is not a good indicator for our economy, said Ateeq ur Rehman, economic & financial analyst.
By accepting the fact the developing countries of the world are under the burden of debts for their infrastructure development, covering the budget deficit and meeting their emergencies and contingencies, etc, they are covered with collateral by one way or the other.
In our case, it is crucial and difficult as we are a broken economy and pay our debts and interest on it by obtaining yet other debts, he said. He added that in order to increase our resources generation, growing exports and remittances are essential.
The exercise will not only bring the situation at par but also generate circumstances for the required potentials and equilibrium.
Additionally, we have to improve our manufacturing and production capacities and encourage & enhancing our agriculture sector to the optimum level, he said.
Copyright Business Recorder, 2023