The National Security Committee (NSC) of Pakistan was able to establish an essential relationship between national security and economic sovereignty during its two significant meetings; Economic sovereignty is essential to national security.


“The NSC talked about the problems that Pakistan's society and state are facing and decided to do something about them. The forum was expected to focus on issues of national security in the wake of a rapidly resurging wave of terrorism from the western borders. However, common sense prevailed, and the economy was thoroughly considered alongside security.


Indeed, the economy and national security cannot be separated. According to the NSC's conclusion, "economic security is central to national security, and without self-sufficiency and economic independence, sovereignty or dignity is put at risk."


This is the ideal topic; NSC considered the discussion and attempted to move forward. The Army Chief General Asim Muneer paid two significant visits shortly after the NSC meetings: Saudi Arabia's Kingdom and the United Arab Emirates


Although the outcomes of these visits have not yet been determined, there are observable and encouraging signs regarding the Army Chief's visit.


In addition, the Prime Minister and his staff went to Geneva to attend a donor conference, the International Conference on Climate Resistant Pakistan.


International donors pledged to assist Pakistan in rebuilding and rehabilitating flood-affected populations thanks to the Prime Minister and his team's efforts.


At the conference, international donors promise more than $10.57 billion to multilateral and bilateral creditors for flood-affected areas' reconstruction.


It's a good thing to do. In addition to the effects of the flood, Pakistan's economy is in dire straits and its foreign reserves are extremely low.


People are unable to afford to purchase essential goods and food items because they are so expensive. The Pakistani rupee is continuously falling, and inflation is at its highest point.


Pakistan's industrial sector is struggling to function, as many large businesses have partially suspended operations.


Indeed, political forces are vying for power in Pakistan, which is confronted with numerous threats to its survival.


“Pakistan is passing through one of her most critical junctures and this requires the development of national consensus by all stakeholders to sail through the confronted challenges of economy and terrorism,” General Asim Muneer, Chief of Army Staff (COAS), had to say after attending his first meeting of the NSC.


The return of terrorism and a media campaign against Pakistan's economy have many connotations because the NSC has established a connection between economy and security.


Pakistan is ranked 34th out of 39 countries in the Asia–Pacific region based on its economic indicators.


Indeed, Pakistan's overall economic score is below regional and global averages, and this positioning is extremely low.


In addition, Pakistan's external debt increased from $34 billion in 2021 to $38 billion in 2022 and is anticipated to reach $40 billion in 2023.


Pakistan's economy began to slow in 2019 and reached its lowest point in 2022. Pakistan's economy ranks 153rd on the 2022 Index for economic freedom, with a score of 48.8.


The most severe economic crisis Pakistan has ever experienced necessitates immediate intervention to prevent economic default.


Pakistan's external debt has skyrocketed, and its currency is currently trading at its lowest rate against the US dollar (1 USD = 240 PKR).


The loan facility that was agreed upon with the previous government of Imran Khan is subject to extremely stringent conditions from the IMF and other financial institutions.


In a sense, Pakistan's economic crisis is getting worse with each passing day.


Despite Pakistan's agrarian economy, the essential foodstuffs are rapidly becoming out of reach for more than 70% of the country's populace.


The development sector is found to be lacking in all aspects of the state's socioeconomic development, and inflation is at an all-time high.


While non-developmental expenditures are steadily rising, Pakistan's budget for all developmental sectors has been drastically reduced.


In point of fact, Pakistan's deteriorating economy and downward trends in the living standards of more than 230 million Pakistanis are actually thought to be caused by poor economic management rather than resources.


The proliferation of various cartels in Pakistan has been unprecedented, even as the country's economy is deteriorating.


With or without the government's permission, these cartels are regulating the supply and prices of nearly every essential food item and petroleum.


These internal and external cartels have taken successive governments hostage. The state's economic management is currently carried out by imposing burdensome and agonizing taxation on the poor, which cannot be sustained over the long term.


With rivalries all around and multiple fault lines within, nuclear Pakistan's economic management cannot be managed like a corporation, nor can it be left to cartel-driven economic managers.


A well-known saying, "Economy is the start and end of everything," describes the significance of the economy for every sovereign state.


Sadly, the state's economy is deteriorating at an alarming rate despite high taxes on all goods and services and exceptionally high levies.


The next step is: a significant reorganization of Pakistan's economic management by taking decisive, ground-breaking, and ground-breaking measures to reduce its dependence on the international economy.


While prohibiting the luxuries of government officials, the elite class, and bureaucracy, significant cuts must be made to non-developmental expenditures.


Since political stability is a necessary step toward economic prosperity, the political parties must end their disputes.


Let's have a think-tank-level debate at the federal level to provide concrete and practical recommendations for achieving economic sovereignty, as stated at the NSC meeting on January 2, 2023: "National security hinges on economic sovereignty."