Pakistan, trapped in an economic crisis, is also slowly moving forward on the path of becoming Sri Lanka. The economy of Pakistan is like a ticking time bomb. Sri Lanka's economic crisis has now also affected Pakistan, whose economy is facing similar challenges.
Pakistan has a huge amount of debt
Writing in the Daily Parliament Times, Muhammad Hamza Qamar said that Pakistan has a large amount of debt, high inflation, an increase in unemployment, and many other macroeconomic problems which reflect the many challenges facing the country.
Imports of essential goods, limited foreign exchange sources, restrictions on free trade, and accumulated foreign debt are many other alarming parallels between Sri Lanka and Pakistan.
$46 billion received from China for CPEC construction
As part of its sovereign guarantee, Pakistan received USD 46 billion (now USD 55 billion) from China for the construction of the China-Pakistan Economic Corridor (CPEC).
Qamar affirmed that the equity portion of these investments was guaranteed returns at a rate of 17–20 percent in dollar terms, with a debt-equity ratio between 80 and 20%.
In less than 26 months, China will recoup its investment and will continue to do so for Pakistan for the next 25 years. According to the Daily Parliament Times, such a high cost can cripple the country's economy.
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