Now a days,people in Pakistan are fighting for food. Food department has gone out of wheat in Pakistan! Pakistan is going through the worst Economic Crisis in 50 year. The entire country has money of 3 weeks of imports only and then “The END”. But how this all happened? Can Pakistan save itself from this “Huge Economic Crisis?” Will it effect INDIA? Let’s Read and find it out:-
What’s happening in Pakistan?
Pakistan,from past 75 years is behaving like a begger. We are not saying this,but Pakistan’s PM says so. A few months ago,you may have watched the video where Pakistan’s PM is asking people to reduce tea consumption. Because Pakistan imports tea and today they dont have money for it. Inflation,which is usually 4-6% has reached 30% now! Shopping Malls and markets are instructed to switch off their all lights by 8:30 PM because electricity is going to be over!
How this Economic Crisis happened?
Pakistan’s political history is completely like “Games of Thrones“. Pakistan got independent with India in 1947 but it’s first democratic election happened in 1970. From 1947 till today,Pakistan has seen 29 Prime Ministers and no Prime Minister has completed it’s full term of 5 years. These type of things always led to economic crisis because when the government is changed then the financial policy also changes. To prove the ineffectiveness of the previous government exactly opposite decision are taken! Which encourage economic disasters!
Last year there were floods in many areas of Pakistan and made the loss of $30 Billion. For a already struggling country there is a big amount. In global emmisions,Pakistan contributes less than 1% but still they suffered terribly from this heavy rainfall!
Pakistan’s Economic Condition
From past few years Pakistan’s economy is deteriorating and their loans are just increasing. World bank says that this year Pakistan’s economy will grow by 2% and inflation 23%! Pakistan’s exports are $30 Billion and imports are $90 Billion. Which means every year on an average Pakistan earn $30 Billion and spends $90 Billion. Due to this huge gap Forex Reserves are decreasing rapidly. Pakistan’s GDP is $376 Billion and their loans is $274 Billion. 1/3rd part of the Pakistan’s budget goes for these loan repayments. Pakistan is stuck in a debt trap and there’s only 1 option to get out of it “Take More Loans”. Now in next 3 months around $8 Billion of loans are to be returned and Pakistan’s foreign reserves only have $5.8 Billion.
Impact on INDIA
Different countries and world institutes have donated $10 Billion to Pakistan. Recently there is a news from Washington that even America will help Pakistan to build it’s economy. And we all know America is never loyal to anyone. Now protests are happening in POK, people from that side of LOC are saying that they want to be a part of India. Even China is helping Pakistan and we all know that how China in the grab of help establishes control over the whole country. In this situation if Pakistan doesn’t get help from IMF on time then China will help Pakistan in a heroic manner and in return will ask for such favours which may cause loss to India. Now Pakistan is in a very difficult situation. How will it’s future look like? Only time can tell!
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