KARACHI: Emphasizing the critical link between economic stability and national defense, Pasban Democratic Party (PDP) Chairman Altaf Shakoor highlighted the urgent need to escape the debilitating debt cycle that is constricting Pakistan's economy. According to Pasban Democratic Party, Shakoor stated on Sunday that while Pakistan's defense capabilities are commendably robust, they alone cannot ensure enduring national stability. He pointed to the historical example of the Soviet Union, where military might was ultimately undermined by economic weaknesses.

Shakoor expressed concern over Pakistan's current economic challenges, noting that the country's total public debt is approximately Rs 78-80 trillion. Debt servicing now represents the largest expenditure in the federal budget, consuming nearly 46-47 percent of total federal expenditures. This financial strain leaves little room for development spending and public investment, impacting the nation's economic sovereignty and growth potential.

Engagements with the International Monetary Fund and financial aid from friendly nations offer temporary relief, but Shakoor warned of the dangers of over-reliance on external financing. He advocated for structural reforms, including expanding the tax base, improving compliance, and enhancing institutional transparency, as essential steps towards achieving fiscal sustainability.

Further, Shakoor called for a shift towards export-led growth, urging Pakistan to invest in higher-value sectors such as information technology and value-added manufacturing. He also stressed the importance of energy sector reforms and policy consistency to build investor confidence and promote long-term economic planning.

Shakoor concluded by underscoring the necessity of a comprehensive economic policy framework to break the debt cycle, asserting that only through structural reforms can Pakistan achieve true economic sovereignty and, consequently, a stronger national defense.