Pakistan’s debt crisis is a longstanding issue that continues to create serious challenges for the country. It started with heavy borrowing during periods of high oil prices and has now escalated, with total debt exceeding Rs73 trillion as of 2024 — including both domestic and foreign loans.
The government’s response to mounting debt is to continuously obtain loans from the IMF, seeking financial assistance more than 20 times since 1958. These loans have often had negative consequences, affecting the country’s development. When around 50% of the national budget is spent on loan repayments, there is little room left for investing in education, health and infrastructure.
When a country’s representatives are not transparent and accountable, development is naturally hindered. The government of Pakistan and its representatives should steer the country towards stability and growth, while investing in the welfare of the country. Urgent reforms and responsible governance are necessary to address this growing crisis.
Huma Barkat
Turbat
