Pakistan entering New Year with severe issues including unemployment, health and education

Islamabad, Pakistan: Pakistan’s struggle of maintaining its financials seems to get no relief ahead of New Year -2022 – as Islamabad topped the list of 10 countries with the highest external debt and facing waste of national resources, burgeoning population, rising unemployment, poor health and education facilities.

According to World Bank, SBP, UNICEF, Economic Survey, International Diabetes Federation and UNAID data, Pakistan topped the list of 10 countries with the highest external debt out of 73 states eligible for World Bank’s Debt Service Suspension Initiative, The News International reported.

After Pakistan; Nigeria, Bangladesh, Angola, Kenya, Mongolia, Uzbekistan, Ghana, Ethiopia and Zambia fall on the list.

At present Pakistan’s external debt stands at 127 billion USD, as per the publication.
Pakistan is borrowing Rs 14 billion daily to meet its expenses, and its domestic and external debt has reached 280 billion USD which is 94 per cent of the GDP.

The country’s sitting government has added Rs 20,000 billion during its term with a rising debt of 127 billion USD.

The energy crisis and public sector enterprises are causing irreparable damage to the economy. Pakistan’s circular debt that is around Rs 1200-2500 billion is almost equal to the annual budget.

In terms of unemployment, of 22 million Pakistanis, 15 million are under 30 years of age and being jobless they are unable to contribute to the country’s growth.

It can be gauged from the fact that in 2020, the joblessness rate in Pakistan was 4.65 per cent which is 0.67 per cent higher than in 2019. This ratio could reach 5 per cent in 2021, The News International reported.

According to the Economic Survey 2020-21, the literacy rate in Pakistan could not exceed 60 per cent. As per the UNICEF, 59 out of 1,000 newborns die within a year of their birth.

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