Discussed with @SanaMaqboool and @FarrukhKPitafi on @WorldPTV the possibility of #debt relief for Pakistan subsequent to the devastating #floods as a result of climate change
Rather than rolling over Pakistan’s existing debt by one year, the debt needs to restructured such that repayments are pushed back by 10-15 years. Also rather than taking on new loans we should insist on grants. External debt sustainability has reached its limit
If we succeed in restructuring the debt profile and create fiscal space, we will have to embark on climate adaptation measures. This cannot be delayed any further and the future is upon us
We have probably exhausted our financing limits with IMF so not much is likely to come from that source. We need to create fiscal space internally to undertake crucial climate adaptation. We need to look how the provinces generate more of the funds that they spend as in Canada
We can’t simply keep asking the same people to pay more and more taxes. More segments of society should start making their fair contribution to tax revenues including agri sector, retail business etc. Moreover provinces &cities need to generate the revenue that they spent locally
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