Pakistan will mark its 75th anniversary of independence on August 14
Pakistan will mark its 75th anniversary of independence on August 14. While Pakistan shares Partition's heritage with India, it has taken a totally distinct path in the last 74 years.
From the beginning, the religious concept of nationhood caused greater issues for its culture and governance.
When Pakistani Prime Minister Imran Khan assumed office in 2018, the country's economic condition was catastrophic, with foreign exchange reserves of $7 billion, or less than two months' worth of imports, and external debt of more than $100 billion.
As a result, Pakistan was forced to seek a bailout from the IMF for the record 22nd time in its history to avoid a balance of payment crisis.This isn't going to help much. Despite the fact that Pakistan's large-scale manufacturing sector grew by more than 14% from July 2020 to May 2021, and remittances reached a new high of $29.4 billion in the previous fiscal year, consumer price inflation rose to 11.1 percent in April.
Pakistan's huge debt to China under the multibillion-dollar China-Pakistan Economic Corridor adds to the country's basic economic problems. Pakistan owes China 27.4 percent of its total external debt of $90.12 billion, according to the IMF.
While this has elevated the possibility of Pakistan becoming a Chinese vassal state in the future, recent developments in Afghanistan have added to Islamabad's concerns.
Source:- Times of India
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