No training for talented youth
The population of Pakistan is increasing at the rate of two percent every year, which means 15,000 children are being born daily. The average budget for education is only four per cent, which is less than one per cent of GDP. If experts are to be believed, even this four per cent was never spent properly. Neither there is skilled youth in the country, nor there is facility to train talented people at private and government level.
Haroon Khawaja writes in Pakistan’s newspaper Express Tribune that the number of people training the best and talented youth in the country will be about five, while the number of youth who need training is about eight crore. Because of this, there is an atmosphere of dissatisfaction in the society. It is moving forward without any direction. These possibilities could be used. These people could have been told about better education and skills.
As a result, Pakistan’s per capita productivity environment is very poor when compared to middle-income developing countries. Today the country is in such a big crisis because of the low level of productivity. Because of this, a payment crisis arose in front of the country and now Pakistan is engulfed in economic crisis. Due to administrative crisis, the country is not able to earn foreign exchange reserves and whatever funds it gets, they all get spent.
According to Haroon Raza, it has been the habit of Pakistan that it keeps more than what it earns from taxes. In the revenue of 7.5 trillion rupees, more than 10 trillion rupees would have been spent. Because of this the losses increased every year. This deficit would have been met by begging. Now the situation is such that no country is ready to help Pakistan.
Will Pakistan default?
Pakistan will need $25 billion every year for the next three years. Even if the package is approved by the International Monetary Fund (IMF), it will be only for a short period of time. According to experts, there is no such strategy which seems necessary to run the country. According to Haroon Raza, the situation will not change until the country’s productivity is not improved. The payment crisis will remain like this and Pakistan may default due to debt.
trouble for the common man
If Pakistan becomes poor then a common man will be most worried. About $50 billion worth of goods remain to be imported even after severe import restrictions. In the year 2022, this figure was $ 81 billion. The export potential was $32 billion in 2022, so now it has reached $25 billion. According to an estimate, even if the trade deficit worth $25 billion is met by the amount given by the workers, it will be able to reach only $26 billion.