The National Bank of Pakistan is the largest bank in Pakistan with over 1,500 branches across the country. The bank has been struggling with a high rate of loan defaults in recent years. In 2017, the bank's loan default rate was 7.5%, which is significantly higher than the industry average of 3.5%. This has led to a loss of confidence in the bank from both customers and investors.

Please provide some authentic background of NBP high loan default rate in recent years. Also provide solution and Evaluate the response to the solution. Do not forget to add references (As detailed as possible)