Uncertainty and economic hardship grip Pakistan as it begins a new financial year from tomorrow
Pakistan faces deep uncertainty as it begins a new financial year from tomorrow. The South Asian nation would require a staggering $23 billion in order to meet its foreign debt servicing requirements in 2022-23. Political instability, corruption and policy reversals no more make headlines in Pakistan. Battling an acute economic crisis with rapidly depleting foreign exchange reserves along with rising debt, inflation and unemployment, Islamabad needs an out of the box solution to fix the deep rooted problems and bring in a new socio-economic landscape.
A foreign policy analyst told India Narrative that Islamabad needs to show the courage to take the uncharted route if it is serious about fixing the economy. For one, trade and economic engagement with India is critical for Pakistan. “Economy has to be the focus and not politics,” he said.
Interestingly, India and the Taliban-led Afghanistan have also started engaging but Pakistan adamantly continues to be driven by the Kashmir issue when it comes to reengaging with New Delhi. India has been consistent in sending relief and aid material to Kabul since the beginning of the year.
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