The Meltdown

Pakistan’s political landscape is in turmoil, with the proposed “constitution package” sparking intense controversy. What was initially presented as an effort to resolve constitutional ambiguities has instead exposed deep political divisions and power struggles.

According to Dawn News, the amendment is currently shelved, with the Law Minister suggesting it requires revisions based on feedback from other parties. This has further fueled political discord, notably within the Supreme Court, which remains split on key issues.

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A landmark ruling on July 11, 2024, intensified the situation, sending shockwaves across the country. The decision, which granted rights to a party not even part of the case, has been unprecedented, deepening the sense of instability.

Alongside political challenges, Pakistan is grappling with severe economic problems. Over the past 30 years, the country has recorded one of the lowest growth rates in labor productivity, a crucial indicator of economic health and living standards. The economy is also burdened by a vicious cycle of debt, as policymakers repeatedly secure short-term debt rollovers to avoid default. These bailouts create a “moral hazard,” where the government continues to take risks without bearing the full cost, delaying necessary economic reforms.

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As a result, Pakistan has fallen into a debt trap. Data from the State Bank of Pakistan indicates that by January 2024, external debt servicing for the next year amounts to nearly $29 billion—equivalent to 45% of the country’s projected dollar income. Despite this, the government has failed to implement meaningful policy changes or reduce expenditures, leaving inflation and taxes to rise. The country’s future remains uncertain amidst this economic and political instability.

Is there a solution in sight?

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The writer is a lawyer, academic and political analyst. She has authored a book titled ‘A Comparative Analysis of Media & Media Laws in Pakistan.’ She can be contacted at: yasmeenali62@gmail.com and tweets at @yasmeen_9

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