Pakistan's financial crisis has heightened tensions with the disaster unfolding in neighboring Sri Lanka. Following the new emergency, ejected President Gotabaya Rajapaksa was held in Hambantota in southern Sri Lanka, until he was forced to flee the country entirely. That continues a pattern of the city, particularly its vital distant ocean port, being in the news for a variety of unfavorable reasons. When Sri Lanka was struggling to make obligation repayments on time in 2017, it sold a 99-year lease of the port to the Chinese company that had built it for a quick profit. Numerous examiners and professors published papers identifying Hambantota as Exhibit A in the theory that China deliberately lures non-industrial countries into a "debt trap" by granting them cheap loan credits to fund lavish foundation projects.

Likewise, various analysts and journalists have warned that the same fate might befall Pakistan, where Chinese experts have been actively engaged in venture projects, particularly under the China-Pakistan Economic Corridor (CPEC) since 2015. The Chinese, like Sri Lanka's Hambantota, have been aggressively investing in Gwadar, a remote ocean port in Pakistan's southern Balochistan province that serves as the focal point of CPEC in Pakistan. Following that, the information concerning the Hambantota port sent alarm bells in Pakistani command and control rooms. That is what some predicted if Chinese influence increased further in Gwadar; otherwise, it may follow the example of the Sri Lankan port, for a variety of unfavorable reasons.

Today, Sri Lanka's current political and financial situation has deteriorated significantly, resulting in the country defaulting on its obligation payments. In the face of a lack of essentials, Sri Lankans have participated in mass battles. Furthermore, although Rajapaksa has been forced to stop, the emergency is unlikely to be resolved very soon. He was succeeded by Prime Minister Ranil Wickremesinghe, who is also detested by the majority and considered an example of political norms.

Pakistan (along with other non-industrial nations) has once again been the subject of discussion in light of the devastation in Sri Lanka, with concerns raised over whether the country may follow in Sri Lanka's footsteps.

Without a question, Pakistan has a shambling economy that is currently deteriorating from bad to worse as a result of political fragility. There is widespread unemployment, although the rate of expansion has skyrocketed. In addition, The News, an English popular daily in Pakistan, reported recently that the value of the Pakistani rupee vs the US dollar had fallen by more than 4,100 percent, from 4.76 rupees per US dollar in May 1972 to an incredible 200 rupees for every dollar on May 18, 2022. The Pakistani rupee's depreciation against the US dollar continues, and it is currently at 225 for every dollar at the time of writing, exacerbating the country's monetary woes middle to dwindling unknown trade holds.

Pakistan, like Sri Lanka, has requested Chinese investment to bolster its faltering economy. As a result, some experts believe that powerful Chinese interests in Pakistan pushed the country to the brink of financial collapse. That story, however, is distorted: The majority of Pakistan's troubles, notably its financial issues, stem from the construction of its blunder, a lack of planning, political weakness, and, most crucially, the deterioration of relations with neighboring nations who had previously had good relations with Pakistan.

A good example is former Prime Minister Imran Khan's new assembly, which took office in 2018 and was ostensibly completely supported by a robust security framework. During his tenure, which ended abruptly in April 2022 due to a no-confidence vote in parliament, Pakistan's ties with India improved companions of Pakistan, these two nations have lately supported Pakistan in its time of need.

In the meantime, China, Pakistan's all-weather partner, has been frustrated with progress on CPEC projects, which have been scaled back under Khan's rule. As Pakistan's financial crisis became apparent, Islamabad's allies were less prepared than planned to assist.

Pakistan's ties with the US are perhaps the quietest. Washington remained enraged at Pakistan's role in backing the Taliban in Afghanistan, to the point where US President Joe Biden did not contact Khan after taking office. The downward slope did not finish there. Khan went above and above, visiting Russia in February 2022, which was guaranteed to enrage the US – it turned out to be the day Moscow began its invasion of Ukraine.

At the time of his expulsion from parliament by a no-confidence vote, Khan blamed the United States for his downfall. He assured the media and public social gatherings that he was the target of US collusion to remove him from power. Khan's strategy was to campaign against US beliefs in Pakistan to gather votes and seduce his political opponents - and it succeeded. Because of his fiery speeches and the wave of expansion that began during his reign, his party earned a larger share of seats in the recent by-elections in Punjab, the most populous province in the country.

Most crucially, Pakistan's solid security base has increased its role and effect in many sectors, including political concerns. It is well known in Pakistan that lawmakers go and forth on the tactical's approval. In any case, the security foundation's hegemonic power has brought the country to a halt, preventing it from progressing. This issue is the source of the majority of Pakistan's difficulties, especially its monetary and political fragility. For example, Pakistan's security-focused approach to dealing with neighboring psychological oppressor groups landed the government into the shadow list of the Financial Action Task Force (FATF), with monetary consequences. Progressive state-run governments have fought to remove Islamabad from the list (and remain off it).

As the financial crisis worsens, the parallels to Sri Lanka become unsettling. Pakistan, like Sri Lanka, is experiencing a growing shortage of foreign trade restrictions, limiting its ability to import basic needs like food and gasoline. Also, like in Sri Lanka, monetary turmoil is being used as a justification for political conflict. If what is going on continues, Pakistan may face huge battles and a lack of initiative.

One prominent Pakistani writer, Zahid Hussain, has stated that Pakistan should act now to avoid being involved in Sri Lanka's fate. "It is self-evident what caused Sri Lanka's monetary meltdown." Because of a lack of unfamiliar commerce, the country has been unable to pay for imports of even  necessities Fuel is a basic commodity. In reality, the crisis has been building for a long time as the country piled up unknown debts totaling $5 billion," he wrote for Dawn, a Pakistani daily.

"...Many rising nations, including Pakistan, can compete on a comparable basis." We are not yet in Sri Lanka's shoes, but we are not far away, as there are a few quite equivalent negative effects."

Tragically, realistic realities reveal that Pakistan is gradually and slowly sinking into serious financial and political weakness. If Pakistan's officials continue to ignore early warning signs, as they have in the past, the country might face a similar crisis as that which is unfolding in Sri Lanka. It is past time for Pakistan to swallow the painful realities of harsh financial adjustments before it is too late.