Kathmandu, June 6
Pakistan, unlike Sri Lanka, is said to be on the verge of a financial crisis. True Ceylon has warned that as Pakistan advances forward, it would face a "severe economic disaster," despite the country's rejection of its previous mistakes and internal disrespect for the current circumstances.
True Ceylon has stated that Pakistan is following in the footsteps of Sri Lanka, which has been in the grip of a serious social, economic, and political crisis for the past two months as a result of its ambitious political leadership, unsustainable external debt, and mismanagement.
”It’s unsurprising that Pakistan will soon face a crisis like Sri Lanka’s owing to a shortage of foreign exchange reserves, food, gasoline, and medication,” True Ceylon claimed, blaming Pakistan’s political leadership for being power-hungry.
The problem is becoming more difficult as political parties fail to take economic policy seriously. True Ceylon claimed that Pakistan’s current account deficit has grown substantially, while foreign exchange reserves have declined at the same time, as food and fuel imports have risen sharply.
Imports climbed by 58 percent to the US $65.5 billion in the fiscal year 2021-22 (July-April) from the US $44.7 billion in the fiscal year 2020-29 (July-April), compared to the US $8.7 billion the previous fiscal year, Petroleum product imports increased by 95% to $17 billion. The trade imbalance also increased from 24 billion to 39 billion dollars.
