It is a hard fact that countries grow and emerge as economic powers only if they use their resources intelligently and draw long terms planning to increase their production and watch over their earnings and spending.
Economically developed countries formulate their foreign policies without any alien influence and the leadership strategies to create one to one bond with other interacting countries.
They help each other to develop mutual economic growth by creating a level of confidence and trust. The economic strength and strong foreign policies help countries to gain importance in the world and failure of foreign policies push the nations to isolation, and we have recently seen our own country has fallen victim of this isolation. The diplomatic association is basically anti-foreign investments.
Let us first get an overview of the present situation of our economy. Pakistan's External Debt reached 106.9 USD bn in Sep 2019, compared with 106.3 USD bn in the previous quarter. Saudi Arabia, Japan, the UAE, and France are among other major lenders and also the UAE, Saudi Arabia USA, IMF, Japan, World Bank, China and the Eurobonds and Sukuk Bonds contribute to our debt. China is contributing to the development sectors of Pakistan through CPEC via its own Chinese companies, some Pakistan enterprises, and government sectors. It is pertinent to mention that the Chinese government has funded its own companies as part of CPEC partner.
In contrast, there are only 6.2 billion dollars as a loan. We are an unfortunate nation facing 106.9 USD bn external debt. As per the State Bank of Pakistan, the total public debt stood at PKR 31.786 trillion at the end of June 2019, and the PTI-led government has accumulated a record public debt of PKR 7,509 billion during its first year in power. I feel worried as a student of the economy as to how we will overcome it.
We have no other choice except for improving the economy as our first priority. The government should not take FATF lightly as in the given situation when the country is facing diplomatic isolation; I do not expect any favour neither from FATF nor from the USA. FATF is a big contributing factor derailing our economy, which we so far are unable to control because of our failure at the diplomatic front. The above situation has put us under substantial financial obligations by almost every country mentioned and world donors.
We are subservient to these countries, and we look like beggars before them as our...