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Chinese officials blamed the West for Pakistan’s economic crisis, [104] and state media continues to talk about the strengths of the China-Pakistan Economic Corridor. [105] “Only China has given a full plan. From this perspective, it is the Western world that ‘abandoned’ Pakistan, and China is the one that extended a helping hand.
Constant economic pressure and failure of the planned economy led the dismissal from power of Benazir Bhutto in 1996 when she failed to materialize her and the relatively poor economic growth. By the 1996, the economic GDP growth had reached to 1.70% [13] (lowest growth since 1970) and the rate of inflation had risen to 10.79% (highest since 1991).
Pakistan's economy remains under severe strain due to a debt crisis, with the country facing challenges in repaying $1.2 billion in outstanding payments. [27] In Pakistan, inflation maintains its upward trajectory, as indicated by the most recent official data, which shows a year-on-year increase of 35.4% in the consumer price index for March 2023.
The largest party, the Pakistan Muslim League-Nawaz (PML-N), secured support on Tuesday from the seco Explainer-How bad is Pakistan's debt crisis and can the IMF save it? Skip to main content
Economic mismanagement in general, and fiscally imprudent economic policies in particular, caused a large increase in the country's public debt and led to slower growth in the 1970s. Two wars with India - the Second Kashmir War in 1965 and the separation of Bangladesh from Pakistan also adversely affected economic growth. [35]
The prevailing energy crisis in Pakistan is taking away 2 percent (or Rs 380 billion) of the economy, despite the government has spent Rs 1.1 trillion as subsidies on the sector in the last four-year which accounts for 2.5 percent of the total volume of economy. [50]
During that period economy of Pakistan remained in poor shape and Pakistan had to go to IMF again for record third in the period of Bhutto government. [3] As per few sources, this was the most corrupt government in the history of Pakistan. This time Pakistan got an amount of US$294,690 (equivalent to $589,251 in 2023) on 13 December 1995. [3]
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