Nighat Awan, the Acting President of the Korangi Association of Trade and Industry (KATI), has expressed deep apprehension over the worrisome surge in government debt, emphasising its detrimental impact on the economy. Awan highlighted that the country’s loans have skyrocketed by over 30 percent, amounting to a staggering 60 trillion rupees in just the past 11 months, and warned that this trend could lead to irreparable damage.

Addressing the pressing issue, Awan cautioned against the government’s heavy reliance on debt to cover its expenditures, asserting that such a precarious imbalance could have severe consequences. Urging swift action, she called the authorities to implement austerity measures to reduce the burdensome debt load. The Acting President stressed the importance of formulating a comprehensive policy in collaboration with exporters to increase the nation’s income, reduce production costs, and explore new markets.

Emphasising the need for collective effort, Awan underscored that everyone must join forces in curbing expenses for the country’s interests. She highlighted the urgency of taking immediate steps to eliminate wasteful spending practices and implementing concrete plans to boost remittances and exports. These measures, Awan argued, are crucial to alleviate the mounting debt crisis and ensure a sustainable economic future for the nation.

The alarming rise in government debt has raised concerns among economists and industry experts, who fear its long-term repercussions on the economy’s stability. As the nation grapples with this formidable challenge, the government is pressured to implement effective measures to address the debt issue and restore financial equilibrium.