Protest against debt trap, sale of national assets

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Large numbers of citizens and members of civil society here on Sunday called on the government to stop selling valuable domestic assets for peanuts and get out of the debt trap of foreign lenders.

According to the details, the Pasban Democratic Party (PDP) has staged a symbolic hunger strike at Karachi Press Club (KPC) against the total sale of the valuable national assets.

On this occasion, renowned economist Dr. Shahida Wizarat said in his message that Pakistani governments look to the IMF for fiscal support without studying debt sustainability. Pakistan’s debts have become unsustainable since 2019, which means that the country will not be able to repay these debts in the future and will lead to default.

Dr. Wizarat, who is chairman of the Independent Economists and Policy Practitioners, said the GOP’s overall concern was to raise revenue and currency by borrowing from the IMF, bilateral sources and selling profitable and strategic organizations. No Pakistani government has attempted to cut non-essential and unnecessary spending.

The federal government is made up of 62 cabinet members who live like royalty, take huge delegations on overseas trips and have not cut back on the import of luxury goods, while the people of Pakistan cannot sleeping because of the rainwater flooding their homes. And it is those poor people who cannot afford adequate food, housing, and health and education facilities for themselves who must maintain this kingship.

The IMF conditionality of making the SBP autonomous has made the Government of Pakistan (GOP) subordinate, not only to the SBP but to the IMF and the US government due to its subordination to the IMF.

This arrangement provided a perfect opportunity for the United States to deepen Pakistan’s economic crisis, orchestrating the free fall of the rupee and intensifying the recession by trying to fight inflation at cost through the use of strategies of inflation by demand, that is to say by increasing the lending rate.

Pakistani governments have also tried to generate resources by selling profitable strategic cos to foreign investors. The Shahbaz Sharif Cabinet approved the privatization of Pakistan’s strategic assets without having to follow established procedures, paving the way for the looting and looting of Pakistan’s strategic and profitable assets to foreigners.

The predators in Pakistan’s corridors of power have teamed up with international aggressors to deprive Pakistan of its profits. Pakistani governments have also tried to generate resources by selling profitable strategic cos to foreign investors.

The Shehbaz Sharif Cabinet approved the privatization of Pakistan’s strategic assets without having to follow established procedures, paving the way for the looting and looting of Pakistan’s strategic and profitable assets to foreigners.

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