Sakariya Kareem recently wrote an article for Asian Lite that covered Pakistan’s financial situation. According to the article, Pakistan has resumed its customary practice of pleading with other nations for financial assistance because it is headed toward “bankruptcy.” The author further asserts that since gaining its independence in 1947, Pakistan has repeatedly led other nations to believe that supporting the nation’s existence and regional activities would be in their best interests.
According to the article, Pakistan has a history of borrowing money from different nations, including the US, Russia, Muslim countries, and, most recently, China. To bolster this claim, the author quotes Zulfikar Ali Bhutto, a former leader of Pakistan. Bhutto remarked, “We (Pakistan) will eat grass and even go without food, but we will have an atomic bomb of our own. We are without other options!” According to the article, Bhutto’s words still hold today even though the nation has 165 nuclear weapons and is currently experiencing food and electricity shortages.
Moreover, the government of Pakistan is asking all sectors of the economy, including government sectors, to reduce expenses by closing early or working remotely. This is due to financial mismanagement and a need for effective governance. The article contends that a significant portion of the budget is going toward defence simultaneously. Out of the PKR 9.579 trillion budget, the article estimates that Defense Affairs and Services will cost PKR 1,566.698 billion. This represents a 14.1% increase yearly, 16.3% of the total budget expenditure, and 1.94% of GDP.
The article also highlights Pakistan’s history of stealing resources from the poor and giving them to the wealthy. The author uses the theft of foreign aid during the 2010 floods to illustrate this. In his final paragraph, the author calls on the West to ensure that any financial assistance given to Pakistan is used to support the country’s basic needs rather than militarizing the region.
The article asserts that Pakistan has a history of wretched governance and resource and economic mismanagement. The article ends by urging the West to ensure that any financial assistance given to Pakistan is utilized to support the country’s human needs rather than militarizing the area.