Developing countries need debt relief

No matter which way you look at the numbers, they tell the same story: in the Global South – the name now given to the developing world – Pakistan is one of the most heavily indebted countries. Let me start by looking at some numbers for Pakistan. As of June 2023, Pakistan’s total public debt and liabilities was estimated to be $224 billion which is close to 75% of the country’s GDP. About $87.2 billion is the debt overhang of the government and $6 billion is owed by public sector enterprises such as Pakistan International Airlines,…