Pakistan’s economy plunged deeper into crisis in September as the trade deficit ballooned to 3.34 billion dollars with exports falling nearly 12 per cent to 2.5 billion dollars and imports rising 14 per cent to 6 billion dollars.
According to the latest data, the deficit rose 33 per cent in the first quarter of this financial year to 9.3 billion dollars, reflecting a shrinking export base and rising import bill.
Launched to attract foreign investment, the army-led Special Investment Facilitation Council has failed to deliver. Major firms like Microsoft have exited, and local businesses face power outages, erratic taxation, and state interference.
Despite the crisis, Pakistan increased defence spending by 20 per cent, 9 billion dollars, cutting funds for health and education.
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