What Happened to the Economy if a Country Get Default

Islamabad: The worst economic period ever for Pakistan has the potential to trigger a risky default. People consistently hold out hope that the government will discover a long-term, reliable framework for economic resuscitation, be able to avoid default, and be able to guide the economy out of disaster. Let’s go to having a thorough understanding of what default looks like.

A country is said to be in default when it is unable to meet its financial obligations, such as debt payments. The primary economic issue today is a lack of financial literacy, which is equally as crucial as other fundamentals. Whether Pakistan is accountable for the government’s successful renewal of the Extended Fund Facility (EFF) programme that has been stalled and was agreed upon with the International Monetary Fund (IMF).

In Pakistan, we have seen glimpses of what this sort of situation can be like. The followings were all precursors of what a comprehensive balance of payments crisis looks like:

The freezing of the foreign currency accounts in 1998
The freezing of the stock market and near run on the banks in 2008
The load-shedding crisis in the run-up to the elections in 2013
The so-called “petrol crisis” of 2015

We are unable to even consider a life without dread. What if your natural response to danger was faith rather than fear? Living artfully involves constantly adjusting to our environment. By timely repaying all of its debts, the country can avoid default.

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