September 10, 2023
Economy Pakistan

Pakistan’s Economic Struggles: A Call for Action

Pakistan's Economic Struggles: A Call for Action

Pakistan’s Prime Minister, Shehbaz Sharif, has called for a “critical and honest talk” with India’s Prime Minister, Narendra Modi, on the topic of Kashmir. Sharif believes that the three wars between the two countries have caused additional distress, poverty, and unemployment in Pakistan and that it is time to resolve these issues through peaceful dialogue. He also acknowledged that both India and Pakistan are nuclear powers and the potential consequences of another war.

In an interview with Al Arabiya, an international Arabic news channel, Sharif said, “My message to the Indian management and PM Modi is that allow us sit down on the desk and have critical and honest talks to resolve our burning points like Kashmir. It’s as much as us to stay peacefully and make progress or quarrel with one another, and waste time and assets.”

Meanwhile, a leading English daily in Pakistan, The Express Tribune, has highlighted the country’s deepening economic crisis and Sharif’s pleas for financial assistance from the international community. In an editorial, Pakistani defense analyst Shahzad Chaudhary warned that Sharif needs to seriously consider how to improve Pakistan’s economy, as India is making progress in its own right.

Chaudhary pointed out that the US and Russia, who do not have a good relationship with each other, are both standing with India and its Prime Minister Modi. He noted that India is moving forward on its own policies and conditions, such as continuing to buy oil from Russia even after the war and providing benefits to its citizens.

India’s ambition is to become the third largest economy in the world by 2037, and Chaudhary believes that they can achieve this goal. He highlighted that India has already overtaken the UK to become the fifth largest economy, and its foreign exchange reserves have reached $600 billion. In contrast, Pakistan’s foreign exchange reserves stand at only $10.19 billion.

In conclusion, while Pakistan’s Prime Minister is calling for talks to resolve the Kashmir issue, a leading English daily in Pakistan has pointed out that India is making progress day by day and the country is sliding deeper into an economic crisis. The defense analyst warns that Pakistan’s Prime Minister needs to think seriously about how to improve Pakistan’s economy.

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