Article:
A Senate committee on Economic Affairs, led by Senator Saifullah Abro, held a meeting to discuss the country’s growing debt burden, including the $1.1 billion IMF loan and other domestic and foreign loans. The officials from the Economic Division briefed the committee, stating that Pakistan’s total debt stands at $81 trillion, with $26 trillion in foreign debt and $55 trillion in domestic debt. According to the officials, the per capita debt burden is $325,000, and every Pakistani is now over $325,000 in debt.
Senator Abro expressed concerns over the country’s economic situation, saying that if import decreases and export increases, there would be no need for an IMF loan. He also questioned why the government was not promoting exports, citing the example of Iraq, which has seen a significant decrease in the number of companies due to war and now relies heavily on imports. “God have mercy on us,” Senator Abro said. “The country is on the verge of collapse, and we are taking loans to pay off debts. We need to formulate policies that promote exports and reduce the debt burden.”
The officials from the Finance Ministry responded that the government had a policy of repaying all loans, including foreign and domestic debts. However, when Senator Abro asked how the government planned to repay the loans, the officials said that new loans would be used to pay off old ones. This response sparked a strong reaction from the committee, with Senator Abro asking why the government was not investigating the misuse of funds, particularly the $50 billion allocated to MNAs.
The Chairman of the Committee also expressed concerns over the government’s lavish spending, saying that the country’s economy was on the brink of collapse. The officials from the Foreign Office said that both the government and opposition leaders had discussed the current situation in the region and emphasized the need for de-escalation.
Former Governor of Sindh, Muhammad Zahir, also expressed concerns over the country’s economy, saying that the government’s spending was not decreasing. The Spokesperson of the Foreign Office dismissed the recent comments on the US’s financial reserves as baseless and contrary to reality.
In other news, a high-ranking official of the Petroleum Ministry said that the Pakistan Navy was being equipped with modern platforms and technology. The Federal Minister for Information and Broadcasting, Atta Tarar, said that the Prime Minister had taken prompt action, preventing a shortage of petrol. The Minister of State for Petroleum and Natural Resources, Saeed Mahmood Khan, said that the region had been embroiled in war for four weeks, and the situation would worsen if the government continued to import and sell at a loss.
In other developments, the Chairman of the Pakistan Tehreek-e-Insaf (PTI), Bilawal Bhutto Zardari, said that if tickets were being distributed unfairly, he would expose the party’s internal issues. Senator Rana Sanaullah, the Advisor on Political Affairs to the Prime Minister, said that the government would not be deterred by protests and would instead focus on protests against the US and Israel.
The Deputy Prime Minister and Foreign Minister, Senator Ishaq Dar, welcomed the statement by the Iranian Foreign Minister, Abbas Araghchi. In other news, a notorious dacoit, Gora Omrani, surrendered in Rahim Yar Khan along with his accomplices, handing over their arms. Transporters also increased their fares following the increase in petroleum prices.
According to security sources, two Afghan nationals were killed in a counter-terrorism operation. The Meteorological Department has forecast more rain in Karachi. Motorcyclists can call the Help Line 1000 for fuel subsidies. The US President has given Iran 48 hours to respond to the deal.
