Major Paper Crisis In Pakistan, Students May Not Get New Books In Next Session

Major Paper Crisis In Pakistan, Students May Not Get New Books In Next Session

Due to the paper crisis, the Sindh and Punjab textbooks boards will not be able to print the textbooks.

Islamabad:

The Pakistan Paper Association has warned that due to the country’s paper crisis, books will not be available to students in the new academic year starting in August 2022.

While the cause of the paper crisis is global inflation, the current paper crisis in Pakistan is also due to the wrong policies of the governments and the monopoly of the local paper industries.

Pakistan Paper Merchants Association, Pakistan Association of Graphic Art Industry (PAPGAI), and other organizations associated with paper industry, along with the country’s leading economist Dr. Qaisar Bengali, addressed a joint press conference. They warned during the press conference that due to the paper crisis, books will not be available to students in the new academic year that begins in August.

Pakistani local media reported that there is an acute paper crisis in the country, paper prices are rising dramatically, paper has become very expensive and its price is increasing day by day and publishers are unable to set the price of books.

As a result, textbooks boards in Sindh, Punjab and Khyber Pakhtunkhwa will not be able to print textbooks.

Meanwhile, a Pakistani columnist raised questions to the country’s “incompetent and failed rulers” asking how they would solve economic problems at a time when the country was trapped in a vicious cycle of borrowing to repay previous loans.

Writing for Pakistani local media Dunya Daily, Ayaz Amir said, “We have seen the bases of Ayub Khan (Former President of Pakistan), Yahya Khan, Zulfikar Ali Bhutto and Muhammad Zia-ul-Haq. We have seen the governments of tyrants and they all had one thing in common, they borrowed to solve problems and then they borrowed more. of loans to repay the previous loan.” He said this never-ending cycle is still going on and now Pakistan has reached a point where no one wants to give the country any more loans. “We could not solve the economic problems of our country when the population was 11 crore during the Zia-ul-Haq regime. How will our incompetent and failed rulers improve the economy when the population doubled to 22 crore?” He was questioned in a column article, local media reported.

Meanwhile, China has made a tough deal with Pakistan when it comes to repaying its loans and other investments in Pakistan. In the 2021-2022 fiscal year, Pakistan paid about US$150 million in interest to China for its use of the US$4.5 billion Chinese Trade Finance Facility. In the 2019-2020 fiscal year, Pakistan paid $120 million in interest on $3 billion in loans.

China has been very strict in getting money back from Pakistan. Take the energy sector in Pakistan for example, where Chinese investors have repeatedly insisted on solving problems with existing project sponsors in order to attract new investment.

Some Chinese projects in Pakistan are facing problems in securing their loans in China due to the huge debts of the energy sector in Pakistan which amount to about 14 billion US dollars.

While China is largely responsible for Pakistan’s debt problem, it is the mismanagement of Pakistan’s economy by successive governments that has led to the current impasse.

Expanded loans from China, Saudi Arabia and Qatar as well as 13 loans from the International Monetary Fund (IMF) over a 30-year period (with most loan programs canceled halfway for not meeting loan terms), are major causes of the economic downturn.

An IMF loan of $6 billion for 2019 has also been suspended, and China has dealt with Pakistan’s repeated requests for assistance. Ironically, Pakistan, for its part, is not shy about playing the role of a loan addict. This strategy has not paid off, in fact, it is making Pakistan sink even more into debt. Pakistan should keep a close eye on developments in Sri Lanka, it may be the next country to face the consequences of bad economic policies and heavy debt burdens.

(Except for the headline, this story has not been edited by the NDTV crew and is published from a syndicated feed.)

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