KARACHI: A worsening debt crisis is tightening its grip on Pakistan, yet key stakeholders, including the government, establishment, elite class, and political parties, remain in denial, according to Altaf Shakoor, Chairman of the Pasban Democratic Party. Shakoor is urging the initiation of a national political dialogue to address this pressing issue.

According to Pasban Democratic Party, Pakistan is being systematically burdened by an escalating debt crisis that threatens the country's economic sovereignty and future generations. The public debt has surpassed Rs 80 trillion, with the debt-to-GDP ratio hovering around 70 percent. Alarmingly, nearly half of the federal budget is now consumed by debt servicing, redirecting substantial resources away from essential sectors like education, healthcare, and infrastructure.

Shakoor criticized Pakistan's ruling elite and successive political governments for perpetuating a cycle of borrowing and debt servicing, which he argues benefits bankers at the expense of citizens. He emphasized the need for a comprehensive national dialogue involving all political parties, parliament, economic experts, and civil society to develop a long-term strategy aimed at reducing debt dependence and prioritizing the welfare of the Pakistani people.

The Pasban Democratic Party chairman stressed that addressing the debt crisis is not only an economic issue but also a matter of national sovereignty and social justice. He called for a national struggle, termed "Maarka-e-Haq," to achieve economic independence and prevent the further mortgaging of Pakistan's future.