Spending-spree empty coffers, Pak head towards bankruptcy

Islamabad [Pakistan], December 24 : With the economy in a shambles and people in dire straits, bankruptcy stares Pakistan in the face as it is hit by useless spending, reported Financial Post.
All is not well with the employees of Pakistani Missions in foreign countries as payment of salaries remains pending for the past four months.
Despite letters elaborating their hardship to the Foreign Ministry, nothing has been forthcoming so far. Funds to the tune of USD 5 million are yet to be released, reported Financial Post.
No solution is in sight, even as the matter was taken to the Finance Ministry. The reason is shortage of foreign exchange.
Similarly, the Balochistan government has communicated its inability to pay salaries for January 2022 in the event of the Centre not releasing the province's share under the National Finance Commission Award (NFC).
Out of PKR 131 billion that Balochistan was supposed to obtain from the federal resources under the NFC Award from July to November this year, only PKR 101 billion has been given. The same was the case with Gilgit-Baltistan, Khyber Pakhtunkhwa and Pakistan-occupied Kashmir (PoK).
However, Pakistan's commitment to contribute USD 3,000 to the total of USD 75,000, earmarked by the Pakistan Mission in Ankara, Turkey, was hardly marred by the concerns of fund crunch.
This was because the conference, slated for the second week of December 2022, was themed around Kashmir. This apart, about USD 41,500 was allocated for spending towards organising Kashmir Black Day on October 27 this year across its foreign missions, reported Financial Post.
Pakistan's fixation with Kashmir knows no bounds, even to the extent of inflicting self-injury time and again. Unheeding its mounting forex reserve crisis, a whopping PKR 60 million has been set apart for Kashmir Fund for FY'23.
Daily life takes a beating in Gilgit-Baltistan of Pakistan, with people being plagued by power cuts in extreme winter, deplorable condition of government hospitals and unavailability of safe drinking water, among others.
Hemmed in by mountains, Gilgit-Baltistan is a far-flung area in Pakistan. Roads built during the periods ruled by Pakistan Muslim League-Nawaz (PML-N) and Pakistan Peoples' Party (PPP) fall short of what is required, reported Financial Post.
Meanwhile, people in PoK have started raising their voices against the suppression of human rights and the smothering of democracy by Pakistan.
The protests were sparked by an insult hurled by Pakistani Prime Minister Shehbaz Sharif on PoK leader Tanvir Iliyas, when the former's guard attacked the latter during an official function following an altercation. Cries demanding freedom from the tyrannical rule of Pakistan have rented the air in PoK, reported Financial Post.
Some of PoK's local leaders and activists have started drumming up support from international organisations and democratic countries and highlighted how Pakistan and its all-powerful military establishment are indulging in rampant corruption.
Recently, the Global Sovereign Advisory (GSA), a sovereign financial advisory firm based out of Paris, has made it clear to Pakistan that the rising yield and spread of Pakistan's debt instruments affected market confidence.
With Pakistan fast slipping into the whirlpool of dead broke conditions, now compounded by apathy from China, the flight of firms and mounting unrest seem to have supplied the final nail in the failed state's coffin.
It remains to be seen how long Pakistan could afford to bask in the glory of illusion fostered by useless enterprise, reported Financial Post.