“The country’s economic crisis has brought it to the brink of default” laments a former central banker. “It did not have to be this way”
Pakistan are encapsulated in the lives of two people I have met in recent months. Mariam Bibi still lives with her five children in a makeshift tent beside the Indus River in north-west Pakistan, eight months after their lives were turned upside down by extensive flooding. Even finding enough to feed and clothe her children is problematic. There are 30m poor people like her in Pakistan who are still feeling the effect of the floods.
But at the end of 2021, with a large amount of external debt coming due over the next few years, the government had no choice but to resume theprogramme that had been paused due to covid-19. Everybody knew it was the only way for Pakistan to meet its external payments.
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