Pakistan has taken 22 loans from the IMF since 1958 and has only sunk deeper into debt each time. Escaping the clutches of the international lender should be one of our top priorities. However, this will be a formidable task given our economic, security and political circumstances.
We need to cut our non-development expenditure, strengthen local industries and improve our regional economic ties. This will lead to relaxations in debt repayment and economic growth while freeing us from the debt trap altogether in the long run.
Jhangir Kakar
Zhob
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