Pakistan’s debt, liabilities crossed Rs50 trillion

Business

ISLAMABAD (Eshfak Mughal):- Pakistan’s debt and liabilities have been crossed to Rs50 trillion with skyrocketing speed during last three years during PTI regime.

State Bank has issued a quarterly (July-Sept) report on country’s debt and liabilities figures.

The figures show that the debt and liabilities has been reached at 97.3 percent of total GDP.

The figures shows that Premier Imran Khan’s regime made deterioted situation as they added Rs 20.7 trillion during it’s three year’s tensure.

According to the figures, the PTI Government adding debt and liabilities Rs20.7 billion daily basis.

The figures show that the PTI government is running on foreign and domestic loans and has failed to enhance revenues to such levels where its debt burden can be reduced.

In June 2018, every Pakistani owed Rs144,000, which increased to Rs235,000 by September 2021, an additional burden of Rs91,000 or 63% during PTI’s tenure.

The figures of the report said that the Government has added debt and liabilities Rs2.653 trillion during the first quarter of the current fiscal year. Pakistan debt surged by Rs 2.035 billion from Rs 45.55 trillion to Rs47.58 trillion during the quarter. Government Domestic Debt increased from Rs26.26 trillion to Rs.26.44 trillion while PSEs Domestic Debt also surged from Rs 1,436.7 billion to Rs 1,448.3 billion in said period.

Pakistan’s total External Debt swelled from Rs17.84 trillion to Rs19.69 trillion in three months. During the period, Government External Debt also increased from Rs12.43 trillion to Rs13.81 trillion while Non-government External Debt increased from Rs 3.6 trillion to Rs3.95 trillion.

The country’s debt from IMF was also swelled even loan program was suspended from April 2021. The IMF’s debt up by Rs 48 billion from Rs1.16 billion to Rs1.2 trillion.

Total Liabilities of the country’s went up by Rs2.7 trillion from Rs2.28 trillion to Rs2.9 trillion including
External Liabilities reached from Rs1.378 trillion to Rs1.987 trillion and Domestic Liabilities narrowed from Rs 2.813 to Rs 913 billion.

On the other hand, external debt and liabilities has been increased by $4.8 billion mainly due to Foreign exchange liabilities during the last three months. The foreign exchange liabilities has been surged by $2.9 billion to $11.6 billion.

The external debt and liabilities has been swelled to $127 billion which was $99 billion in June 2018.

The data shows that PTI Government has added $28 trillion debt and liabilities in three years. interestingly, the loan of IMF and loan obtained for building forex reservers are not included in this debt stock.

 February 2019, PM Khan had vowed to bring the public debt down to Rs20 trillion. He had been very critical of the economic policies followed by the previous PPP and PML-N governments and had set up the Debt Inquiry Commission to investigate the reasons behind the addition of Rs18 trillion to the debt stock in 10 years. Despite completion of the inquiry, the premier has withheld the release of the report.

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