In the context of this alarming situation, in July 2018, the foreign debt burden on the country has increased to 67 thousand billion rupees.

 According to the estimates of financial experts, it will reach the level of 99 thousand billion rupees in 2025. Economist Dr. Murtaza Syed, who performed national service as the Acting Governor of Bank Daulat Pakistan in 2022, has said that Pakistan is trapped in the deadliest debt trap and this debt burden has forced the country to default. According to the former governor, whatever loans were taken by the previous governments were wasted on non-productive expenses.  On the other hand, Pakistan is repaying more loans than any other country in the world and will continue to do so for the next several years. According to Dr. Murtaza Syed, the situation created by these loans is putting the country on a dangerous path of social discontent, after which the government has no resources left for the social sector to improve the skills of the population, employment. This image of the national economy is not only a matter of moment for the responsible circles, especially the government, knowing that the time is precious, in the light of the opinion of the economic experts, the difficult work should be done which has been done in the past.  Governments could not dare. In fact, the weak tax system is responsible for bringing the economy to the mentioned state of debt.  Because of this, only 33% of people are paying taxes and a large part of them are from the salaried class. Instead of further burdening the people in the net, this 66% class should be brought into the system that does not pay taxes.

Some circles give the impression that other developing and poor countries, including Pakistan, have been caught in the trap of debt, but the reality is that the debt burdened by Pakistan is the result of poor policies of its governments.  With threats of bankruptcy looming over and over again, it has become imperative to promote a culture of productivity to increase productivity and reduce debt, for which short, medium and long-term programs are a prerequisite. However, there is positive progress in relation to the problems facing the assurance of all kinds of cooperation from the friendly countries in the period of economic difficulties.  China has always helped Pakistan in difficult times and in his congratulatory message to the newly elected President Asif Ali Zardari, the Chinese President has indicated to continue this process. Iran and the Arab countries are also ready to play their role through the relationship of friendship and brotherhood.  If Prime Minister Shehbaz Sharif's government, together with President Asif Zardari, the King of Reconciliation, promotes efforts to make the situation favorable for political stability and implements the agenda announced by the Muslim League-N and the People's Party, the path to economic stability can also be paved.  The newly-elected federal government has taken the reins of the country in the difficult economic conditions, they have actually made this responsibility a bed full of thorns.The first challenge for the government is to get another loan agreement from the IMF.  

How the mountains will have to be crossed for this can be gauged from the demand of the International Monetary Fund to impose 18% GST on various items including food, medicine, petroleum products and stationery, complete abolition of the fifth schedule.  Moreover, the exemptions from restrictions and reduced rates should be removed under the sixth schedule indeed. Experts and analysts say that if all these proposals are accepted, the prices of wheat, rice, pulses, stationery, POL products and many other items will increase further and the vast majority of the country will suffer intolerable difficulties.  Therefore, it is necessary to find alternative ways to increase the financial resources of the government. This task may be difficult but not impossible. The previous coalition government had a good austerity plan which must now be fully implemented, including provisions for a shortened cabinet and the abolition of elite privileges. Complete elimination of electricity theft, gas theft and tax evasion can be a sure way to provide critical financial resources without burdening the public.  Full or partial privatization of all loss-making public institutions should be done as soon as possible to save national treasury resources. To facilitate tax payment and to prevent tax evasion through the connivance of corrupt elements of the bureaucracy, the entire system should be digitized as in developed countries as soon as possible.  The ways of economic improvement can be widened without making the life of the people more difficult. Meanwhile,  some experts says that the IMF wants reforms to ensure full recovery of electricity bills and no subsidy or discount to anyone.  Why does the country's energy crisis never seem to be resolved. Why do people steal electricity and no one catches them. Line losses are also an odd problem. If the transmission lines are not working properly, why is it taking so long to get rid of them completely. 

The government must be tired by increasing the price of electricity, but the revolving debt is still increasing. But why ? On the other hand, electricity distribution companies send as many bills as they want, no one is asking. It would be good to pay serious attention to these points. It is clear that Pakistan will have to make payments of $6 billion before the end of this year in June. The reality is that the new government has the primary responsibility of paying off Pakistan's ever-increasing foreign debt.