Global News

“According to the IMF, for each of the next five years, Pakistan owes the world an average of $19bn in principal repayments, or more than half of its export revenues. It will also need a minimum of $6bn every year to finance even threadbare current account deficits forecasts, bringing total external financing needs to at least $25bn a year between now and 2029. Pakistan has foreign exchange reserves of less than $9.5bn.

That’s not all. For each of the next five years, the government will need to pay an average of 6.5 per cent of GDP in interest on the debt it already owes to residents and foreigners. Pakistan’s total tax take is barely 10 per cent of GDP.” 

Pakistan is basically in modern debt slavery to the IMF and other creditors. Observing this phenomenon is part of what helped radicalize me about Bitcoin and other alternate financial channels based on blockchain.

“According to the IMF, for each of the next five years, Pakistan owes the world an average of $19bn in principal repayments, or more than half of its export revenues. It will also need a minimum of $6bn every year to finance even threadbare current account deficits forecasts, bringing total external financing needs to at least $25bn a year between now and 2029. Pakistan has foreign exchange reserves of less than $9.5bn.

That’s not all. For each of the next five years, the government will need to pay an average of 6.5 per cent of GDP in interest on the debt it already owes to residents and foreigners. Pakistan’s total tax take is barely 10 per cent of GDP.” 

Pakistan is basically in modern debt slavery to the IMF and other creditors. Observing this phenomenon is part of what helped radicalize me about Bitcoin and other alternate financial channels based on blockchain.
https://www.ft.com/content/cd97e0d7-d93c-4ef5-a8f8-3d1bf2601326

Writer, podcaster, and commentator on foreign affairs and politics. Runs /dropglobalnews

Clanker Broadcasting Service /cbs

The IMF only provided this credit line  because they maintain a nuclear arsenal, so another firm of control and repression.