How Pakistan can reduce foreign debt

How Pakistan can reduce foreign debt? Suggest mechanism in Pakistan economy to handle external perspective of Pakistan economy. (CSS-2011)

Introduction

Overview and Comparison:-

Pak Total Debts: $130 Billion 
USA Total Debts: $15 Trillion
China Total Debts: $1.3 Trillion
Pak External Debts: 67 Billion

Printing of Currency in Pakistan

Rs: 1.5 to 3 Billion/day
This much amount of printing leads to Inflation
Pak recent Inflation rate Almost 10.9%
Inflation in other countries: Zimbabwe worst effected
100 Billion Zimbabwe Dollars can buy only 3 eggs.

Remedies to Reduce Foreign Debts:

1. Tax Reforms
2. Rapid Economic Growth (i.e. 6% in 2008 and 2.4% GDP growth rate in 2012)
3. Foreign Investments
4. Promote Economist & Research Scholars
5. Eradicating Corruption

Mechanism to Handle External Perspectives of Pak Economy

1. Reduce Govt Expenditure
2. Stable basis for Growth
3. Getting of Roller Coster Economy
4. Reduce Balance of Payments
5. Promote Export
6. Reduce Imports
7. Expanding Trade Basis
8. Implementation of RGST
9. Proper Collection and Utilization of Public Finance
10. Promote Free Trade with Neighbors
11. Encourage FDI's
12. Foresightedness in Policy Making