Pakistan has been struggling for months now trying to float in dangerous waters. The country is nearing the ‘default’ status every day and a tremendous hike in inflation has made life harder than ever before.
While Pakistanis are struggling to keep a roof over their heads and meals on the table, life for parents with children studying in international colleges and universities is also distressing.
Not only has the currency depreciation against the United States Dollar made studies more expensive, but the current condition of the industries and private sector is also in shambles. While many factories and production lines have closed, many individuals have gone unemployed.
This means that the students who are attaining these expensive degrees that they’ve worked extremely hard for and have sacrificed a lot along the way are returning home to a country that hardly has any jobs to offer.
Not only is this a sad state of affairs, but a very alarming one too.
I think the current economic crisis is landing us in educational poverty and it is inclining children toward radicalization and isolation. It is happening as our main focus is not on skills development but rather theoretical knowledge plus we need to focus on edupreneurship than schooling. –Professor Dr. Rakhshanda Kaukab, Associate Professor Ziauddin University
On the other hand, the Higher Education Commission (HEC) is facing financial issues to pay the expenses of these students, who are on scholarships from foreign universities.
The executive director of HEC wrote a letter to Secretary Finance Division and requested to expedite the disbursement of the scholarship amount of Rs.4.75 billion to HEC.
It is reported that over 2800 students are studying in various foreign universities on scholarships and they send the scholarship amount to foreign universities, partner agencies, Pakistani embassies, and the Pakistani high commission to pay the stipend and tuition fees.
State Bank of Pakistan has foreign reserves, which show a substantial outflow of $294 million and it is fallen to $5.8 billion, which is the lowest level since 2014 and at that time the foreign reserve was $6.11 billion.
It disappoints me to say this, but it’s getting harder and harder to survive. The cost of studies is rising as a result of Pakistan’s financial crises. The quality of living for overseas students is likewise worsening. International students who work extremely hard and sacrifice half of their lives to return to Pakistan and contribute to its improvement are sad to be informed that there are is no employment available in Pakistan. This is an alarming situation, and the government must act quickly to protect Pakistan’s future. – Mehr Aslam, Int Student at Arkansas State University
A country’s falling economy can have several effects on an international student’s future, depending on the specifics of the situation and the resources available to the student. Some potential effects could include:
Difficulty finding a job after graduation: If the country’s economy is struggling, it may be harder for international students to find employment after their studies.
Decreased value of the degree: In some cases, a degree from a country with a struggling economy may be perceived as having less value than a degree from a country with a strong economy.
Difficulty paying for tuition and living expenses: If the country’s currency loses value, it may be more expensive for international students to pay for tuition and cover their living expenses.
Political instability: Economic downturns can sometimes be accompanied by political unrest, which can create an uncertain and potentially unsafe environment for international students.
Difficulty securing funding: Scholarships and other forms of financing may be harder to come by in a struggling economy, making it more difficult for international students to afford their studies.
Overall, it is important for international students to carefully consider the potential risks and challenges of studying in a country with a struggling economy, and to have a plan in place for how to deal with any potential difficulties that may arise.
Pakistan has a history of economic instability, with frequent periods of recession and high inflation. The country has also faced several external financial challenges, including large trade and budget deficits, and a reliance on foreign aid.
In recent years, Pakistan has taken steps to address these issues, including implementing economic reforms, seeking assistance from international organizations, and negotiating loans from foreign countries.
However, the country continues to face significant economic and financial challenges, including a high poverty rate, a large informal sector, and low levels of foreign investment.
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