Pakistan economic crisis: difficulties will increase in 2023 for Pakistan facing economic crisis, analysts warning

Pakistan Economic Crisis: Pakistan is going through a serious economic crisis. To overcome this situation, he is begging all over the world. 2023 can prove to be a year of serious challenges for Pakistan. Analysts are now warning that Pakistan can go bankrupt anytime.

Reports have revealed that more than 9,000 containers are stranded at various Pakistani ports. Due to which there is a danger of disrupting the supply of essential commodities. The inflation rate in the country has reached almost 30 percent. Apart from this, the prices of food items are skyrocketing. 

Pakistan economic crisis

The situation is such that it is not able to clear the containers stuck in the ports. Shipping companies are threatening to suspend operations to Pakistan for non-payment on time. If this happens, it will have a bad effect on both imports and exports.

The State Bank of Pakistan (SBP) is left with only $4.4 billion in foreign exchange reserves, which is barely enough for three weeks. At the same time, about one and a half to two billion dollars is needed to empty the containers.

Bad condition of hospitals

Businesses in Pakistan are at risk of closure due to breakdown of supply chains as domestically manufactured goods are dependent on imported raw materials. The textile industry in Pakistan is also in a critical condition.

The industry is losing credibility and market share among international buyers. In addition, there is a shortage of medicines in the hospitals of Pakistan. At the same time, things like wheat, fertilizers and petrol may also run out soon. 

Government sought help from people

Meanwhile, Prime Minister Shahbaz Sharif has asked people to conserve resources such as water, gas and electricity to help the government reduce its import bill. Explain that the Sharif-led Pakistan government has agreed to fulfill all the conditions of the International Monetary Fund (IMF) to get the loan.

Sharif had said on 24 January that Pakistan's ruling coalition was ready to sacrifice his political career for the sake of the country by accepting the IMF's stringent conditions for the money. 

Significantly, former Senator of Pakistan Mustafa Nawaz Khokhar recently said that Pakistan has become politically and morally bankrupt. Addressing the second session of National Dialogue in Quetta, Khokhar had said that even today people are not being told the truth which the country needs.

During the conference, the former Pakistan People's Party (PPP) leader also said that there is a disconnect between the people of the country and the political parties. The need to address people's issues instead of indulging in irrelevant political discourses like the Panama Papers and Toshakhana case.