What Pakistan’s Debt Dilemma Reveals About Looming Global Default Crisis | Debt Bomb | Full Episode
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Published 2023-10-27
Pakistan is just one of 70 about countries struggling with a debt burden. With debt repayment expected to go up in 2024, will we see a global financial contagion and a deluge of defaults?
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• Debt Bomb
00:00 Introduction
01:36 Debt crisis driving illegal migration
05:46 Pakistan’s economic challenges
08:20 The collapse of Pakistan’s textile companies
15:11 Climate justice for Pakistan?
17:46 China Pakistan Economic Corridor – a debt trap?
23:25 Are we in a fourth debt wave?
27:21 How did the debt crisis build over 15 years?
30:11 Did China’s Belt and Road contribute to a debt crisis?
36:36 How do China and the IMF compare as lenders?
43:06 Could we face a global financial contagion?
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About the show: According to the IMF, 60 percent of low-income countries are either already in debt distress or at high risk of debt distress. Will we see a global financial contagion?
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All Comments (21)
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A country built on religious lines and now collapsing under it's own weight
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As long as Pakistan remains a nuclear armed nation there is no reason to provide them any financial assistance. The priorities of the Pakistani government are not worthy of international support
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Golden words “if we are stupid, it’s nobody else’s fault”
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Give them a dollar, a whole penny goes to the people and 99 goes to the corrupt government 😂
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Pakistan Army - Our motto is "Never Won Any Wars but Never Lost a Single Election!"
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Pakistan is able to fund a huge army and a nuclear arsenal. Also deforestation played a key role in the floods. At independence 40% of Pakistan was covered in forests. Now it’s 3%. Many problems are homemade. But always easier to blame others
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Pakistan and India r perfect examples of two countries which found independence at the same time, but due to different policies and societies find themselves in drastically different situations.
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The reason behind the sudden slump in the Pakistani economy is that the remittances from the Gulf countries have stopped coming. People are migrating to Western nations and aren’t willing to come back to Pakistan. They apply for citizenship in those countries. Before their only option was the Middle East, where they would spend at max a decade or two, accumulate money and settle back in Pakistan itself. That foreign money helped the nation in a huge way. And that money has suddenly stopped!
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Why don't they Pakistanis flee to China? Isn't that China is their "all weather friend"? 😂
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800,000 Pakistani left Pakistan. How many are radicalised we don't know. The country who took them should monitor them critically.
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"I shall eat grass but will not stop developing bombs" - Pakistan Leaders
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Crazy how the country’s economy tanked after the U.S. decreased/stopped the military “aid”
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Pure bullshit! Ecologically, Bangladesh is placed in a worse place. Yet Bangladesh has managed its economy and ecology very well. Pakistan's ruling elite's priorities are playing geopolitics and not the well-being of its population. Helping Pakistan in any way are effort down the drain.
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Pakistan was bound to face the situation as 20% of gdp goes to it's Army. Once former Prime minister of Pakistan said ,"we will eat grass but we will make atom bomb". Most European Country who will bail out Pakistan doesn't have such Army or Atom bomb
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When Pakistan got IMF bailout again in July 2023, first thing they did is built a 500 ft flag pole…👏👏 They also increased their Defence budget by 16%😮😮
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I feel sad for common people. It’s very very disheartening. I hope things improve soon.
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The two reasons for this poor situation of Pakistan is 1) Obsession with Kashmir 2) China !!!!
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Nuclear program but cant even take care of its people
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over 40% of debt to private creditors. So it is actually all those private creditors causing this vicious crisis and refuse to even take responsibility. How despicable.
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A police constable in feudal state wanting to migrate is scary thing. Imagine the plight of poor ans unemployed
