Pakistan is currently going through the economic crisis and multifaceted problems. Procuring food and bread has become difficult for many people in the country. Pakistan today is on the verge of bankruptcy mainly due to political, economic and climatic disasters.
Although Pakistan became independent in 1947, its first general election was held in 1970. The country’s military rulers have severely suppressed the democratic environment. As a result of military rule, people’s welfare has been undervalued.
A military general of the country is more powerful than the prime minister. Politics lacked continuity and order when the military did not directly rule the country.
No prime minister of Pakistan has been able to complete a five-year term. Since Shahbaz Sharif came to power, he canceled all the previous government’s plans and moved forward according to the new model. This created a more unstable environment in Pakistan’s monarchy.
After 2023 Pakistan’s inflation surpasses all previous records. Pakistan’s currency is gradually depreciating against the dollar. Moreover, Pakistan currently relies heavily on foreign debt.
More borrowing is needed to deal with the debt problem. As a result, Pakistan is unable to get out of the debt trap. Pakistan’s reserves are dwindling and unable to subsidize rising food prices.
Climate change has created a negative situation in Pakistan. In the past few years, the people of the country have to deal with severe wildfires and drought. With global warming, water from glaciers in Pakistan is flowing into rivers. But the river does not have the capacity to hold so much water. The country has to pay the extreme price of climate change.