ISLAMABAD, JULY 07 (Online): The Pakistan Economy Watch (PEW) on Thursday said in the presence of contradictory, ambiguous and negative policies, only a miracle can save Pakistan from going bankrupt.
Pakistan had gone bankrupt in 2018 but an IMF loan and help from friendly countries saved it from insolvency but after rescue, no attempt was made to correct the direction of the economy, the result of which is now a more serious crisis, it said.
Pakistan’s import bill from 1960 to 1973 was less than one billion dollars while from 1973 to 2002 the volume of imports increased to eleven billion dollars annually but reforms were avoided to please influential people, said Dr. Murtaza Mughal, President PEW.
In 2018 the import bill for goods jumped to $63 billion while the services import bill jumped to $9 billion which shook the foundations of the economy, he added.
Dr. Murtaza Mughal said that from 2002 t0 2022 the import bill jumped by 600 percent which was unsustainable while the energy import bill surpassed $27 billion but no attempts have been made to save electricity.
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