Pakistan's economic crisis going from bad to worse: Report

Pakistan's economic crisis is going from bad to worse. The forex reserves in the State Bank of Pakistan (SBP) has recently touched the lowest mark of $4.343 billion just enough for two weeks. This is just due to the ineptitude of the political class and over-involvement of the army in decision-making, reported Financial Post.

In another worrying trend, the central bank's latest debt bulletin for the fiscal year 2021-22 also showcased that the debt burden increased in terms of the size of the national economy. The bulletin was released on Monday.

Pakistan's foreign exchange reserves have been reduced by more than $2 billion during the first five weeks of the fiscal year owing to huge external debt servicing

Former Pakistan Prime Minister Imran Khan had promised to curb the debt burden while blaming his predecessors for throwing the country under the debt pile. However, his party Pakistan Tehreek-e-Insaf (PTI) added the highest-ever debt in its 43-month rule, the report said.

The government had added Rs 19.15 trillion to the total debt stock of the federal government when Imran Khan left office in April