Highlighting some of these issues, the economist said that a burgeoning foreign debt, ever rising unemployment, low exports, slowdown in remittances, little spending on social sectors, rising cost of doing business, minimal foreign direct investment and low collection of direct taxes will drag the economy down.
“If things remain unchanged, we will see a financial crisis in the near future and would have to go back to the IMF by fiscal year 2018-19,” reiterated leading economist Dr Shahid Hasan Siddiqui while speaking at the ‘CEO Club Forum’ on Pakistan’s current economic challenges.
“The government has raised record high foreign debt and liabilities of $7.8 billion in 2016,” he said, adding that this happened despite the county saving $6 billion on account of low oil import payments amid collapsed #oil prices at world markets.
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