Islamabad: Pakistani Paper Association has warned that because of the paper crisis in this country, books will not be available for students in the academic year only starting August 2022.
While the cause of the paper crisis is global inflation, the current paper crisis in Pakistan is also caused by wrong policies from the government and the monopoly of the local paper industry.
All Pakistani paper traders associations, Pakistani Graphic Art Industry Association (Papgai), and other organizations related to the paper industry, along with the leading economist in the country, Dr. Qaiser Bengali, discussed a joint press conference. During the press conference, they warned that because of the paper crisis, books would not be available for students in the new academic year starting August.
There is a severe paper crisis in this country, the price of paper skyrocketed, paper becomes very expensive and the price increases from day to day and publishers cannot determine the price of books, report local media outlets Pakistan.
Because of this, Sindh, Punjab and Khyber Pakhtunkhwa textbook boards will not be able to print textbooks.
Meanwhile, a Pakistani columnist has asked questions to “incompetent and failed rulers in the country” asking how they will solve economic problems when the country is trapped in the devil’s cycle to take loans to pay back the previous loan.
Ayaz Amir, while writing for Pakistani local media outlets Dunya Daily said, “We have seen the rules of Job Khan (former President of Pakistan), Yahiya Khan, Zulfikar Ali Bhutto and Muhammad Zia-ul-Haq. Diktator and they all have one similarity, take Loans to solve problems and then take more loans to pay back the previous loan. “He said that the cycle that never ended was still ongoing and now Pakistan has reached the point when no one wants to give the country further loans. “We cannot solve our country’s economic problems when the population is 11 Crores during the Zia Ul Haq regime. How are our incompetent and failed rulers to improve the economy when the population has doubled to 22 Crores?” He questioned in his column, reporting local media.
Meanwhile, China has made a difficult bargaining with Pakistan when it comes to loan returns and other investments in Pakistan. In the fiscal year 2021-2022, Pakistan paid around USD 150 million for interest to China because it used 4.5 billion Chinese trade financial facilities USD. In the 2019-2020 financial year, Pakistan paid USD 120 million for interest on a loan of USD 3 billion.
China has been tight enough in recovering money from Pakistan. Take the Pakistani energy sector, for example, where Chinese investors repeatedly insist on solving problems related to existing project sponsors to attract new investments.
Some Chinese projects in Pakistan face problems in securing insurance for their loans in China because the massive debt of the energy sector is around USD14 billion.
While China is very responsible for Pakistani’s debt issues, it is a mistake in handling Pakistan’s economic by the government in a row that has caused the current deadlock.
Extensive loans taken from China, Saudi Arabia and Qatar and 13 loans from the International Monetary Fund (IMF) for 30 years (with most loan programs were canceled in the middle of the road due to failure to meet the loan requirements), are the main causes of the economic decline.
IMF loans of 6 billion USD 2019 were also detained, and China has dealt with Pakistani requests that often help. Ironically, Pakistan on his side is not ashamed to play loan addicts. This strategy has not paid dividends and only makes Pakistan sink deeper into debt. Pakistan must observe developments in Sri Lanka, because it can be the next country to deal with the consequences of poor economic policies and heavy debt burden.
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