9.9 C
August 3, 2020
Image default
Business Top Stories

Pakistan’s total debt exceeds 18 thousand trillion

ISLAMABAD: Finance ministry has informed Senate on Wednesday that Pakistan’s debts have exceeded 18 thousand trillion rupees.

Senate was informed during question-hour in a written statement that Pakistan’s total foreign debt is more than Rs 55 trillion whereas; 131 billion rupees are due as domestic debts.

In response of Ameer Jamat-e-Islami Siraj ul Haq’s question, Dar said that the government is running in deficit and it is obligated to return foreign loans on new market conditions.

Dar informed Senate that the government has returned foreign loan of ten billion and 73 million dollars from June 2013 to January 2016 while four billion and forty-one million dollars were paid to IMF.

When the present government came into power, Pakistan’s total foreign debts were forty eight billion and ten million dollars while a foreign debt of five billion and thirty million dollars have increased during the tenure of present government.

Government also informed in the National Assembly during session that government deficit decreased from 8.4 percent to 5.5 percent and during the current fiscal year, it will reduce further to 5.1 percent.

Economists say country’s foreign debts have been growing rapidly, if measures are not taken, the volume of loans will reach to 65 percent of GDP until the end of the current government.