Pakistan’s economy security requires serious measures to prevent default

Pakistan’s economic security:

Pakistan’s economy is currently on the brink of collapse. The recent floods have only aggravated this bad situation, and our economy has suffered a lot. However, we can try to escape this terrible reality, but Pakistan’s debt default is inevitable without strong and urgent action. The government should immediately declare a state of economic emergency. It should be done with the cooperation of all stakeholders. Formulating and implementing short-term, medium-term, and long-term economic policies is also important. The goal should be to implement measures to advance the country.

Import of luxury goods:

All governments, regardless of affiliation, should follow these policies, which should be independent of any political party. Pakistan should adopt constitutional amendments to implement this program without political gain if necessary. To boost exports, the PDM government has successfully stopped the import of luxury goods. However, this strategy seems to be fading away. Japan’s economic plan should be based on promoting exports, focusing on strengthening the manufacturing industry.

Highlight human security:

The industry sector is essential for economic growth. Emphasis on human security is important. If Pakistan does not pay proper attention to human security, it cannot progress. Economic, trade, diplomacy, food, safety, export, import, industry, and climate change policies must be coordinated to do this. This system should monitor the performance and coordination of these policies and modify and apply adjustments and changes if necessary. Another area that appears to be out of sync is US trade diplomacy. Pakistan needs a well-researched and considered foreign trade policy. Relevant organizations and qualified and trained personnel must implement this policy. People who are selected for these positions should be trained and competent. Their main objective should be to strengthen bilateral trade and exports, attract foreign direct investment and establish and strengthen relations with neighboring countries and other related countries around the world. It is utopian, but the nation’s welfare should precede petty alliances and nepotism.

Pakistan’s economic security goals:

Pakistan needs to move towards its economic security goals of human resource development, poverty reduction, and, most importantly, political stability. Last year showed that political instability and weak economic policies can make countries default.

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