Following the economic collapse of Sri Lanka in mid-2022, Pakistan is close to sliding into the same disaster.
There is US$3 billion remaining in the country’s foreign currency reserves that can pay for only two weeks of imports.
Inflation is near 40 per cent.
The value of the national currency—the rupee—is in free fall.
Pakistan’s debt is near default and has increased by 38 per cent in one year.
The average person cannot afford to buy bread or onions and the country is running out of fuel, cooking gas and wheat.
Factories are shutting down due to lack of spare parts, including those making life-saving medicines.