There is counter argument to what you said and many countries actually do what is necessary to keep currencies at checked levels ,by the way who says Dollar is base for currency value ? in our region ,Iran and India trades in local currencies ,Russia with china ,China with Iran ,Now turkey and China so our deficit which was coming from China can easily be managed ,do remmember we import machines and equipment for CPEC causing deficit
https://tribune.com.pk/story/2140409/2-sbp-poured-24b-inter-bank-market-two-imf-programmes/
The expensive exercise continued during the tenures of Pakistan Peoples Party (PPP), Pakistan Muslim League-Nawaz (PML-N) and Pakistan Tehreek-e-Insaf (PTI).
That is money market operations and its quite normal ,by the way Shaukat Aziz was the master mind for this policy ,us waqt to koi nahi cheekhein marta tha .
As per your own graph and figures shared the net exports remain at 2015/2016 level so there isnt any improvement reason being we have very little avenues to export unless we developed new avenues we will remain b/w 20 to 26 billion US$ its called capacity .
Oh bhai Khuda ka khoof karo you are exporting based on Raw material which is imported in $ terms ,Your utility cost is $ and lastly your CPI is again controlled by $ .So if you are selling more and getting less US$ you are killing your resources ,the theory is only viable for some times when you have 100% local RM .
Lastly for debt trap you are right but lets discuss why we have debt trap bcas we choose to spend on non development areas like Defense spending ,pensions and other enterprise losses .A sorry tale
Now even current budget is 2.2 trillion rupees deficit with assumption of 4.8 Trillion in tax collection which will not happen unless new taxes are applied so forget about the trap ,Pakistan GDP growth is not artifical it was based on PSDP as Govt spending 1 Rs generates 70 Rs Economics 101 ,where as debt financing and other avenues contributes 0 to any new sector.
At the end of the day PTI has done nothing to change the system infact they screwed up what ever system was there (not perfect) but still it was lucrative to run things