Pakistan to borrow Rs8.71 trillion in next 3 years.
ISLAMABAD -- Pakistan would borrow Rs8.71 trillion in three years, which would further increase the overall debt of the country.
Pakistan's overall debt is already on the increasing side. The country's total debt and liabilities had increased to Rs44.9 trillion during the last year, reveal the official figures recently presented in the National Assembly.
Meanwhile, the incumbent government has planned to take more loans in medium term. The government would borrow Rs3.19 trillion in the ongoing fiscal year, Rs2.83 trillion in next financial year and Rs2.69 trillion in the year 2022-23, according to the figures of the ministry of finance.
The country's total debt had recorded at Rs42.9 trillion and liabilities at Rs2 trillion at end of December 2020. The country's total debt and liabilities to GDP is 98.7 percent by the end of December. However, the government under its medium-term strategy has planned to reduce the debt to GDP to around 81 percent over next three years. Debt to GDP would be brought down to 87 percent by the end of current fiscal year, 84 percent in next year and further it be reduced to 81 percent by the year 2022-23.
The official figures, which were presented in National Assembly recently, have shown that Pakistan's public debt-to-GDP ratio has sharply increased in last few years. Public debt-to-GDP ratio was around 63.8 percent in 2012-13 which later went up to 72.1 percent by the end of fiscal year 2017-18. Later, public debt-to-GDP ratio has significantly increased in last two financial years. The debt to GDP ratio has enhanced to 86.1 percent in year 2018-19 and 87.2 percent by the end of 2019-20.
The incumbent government has once again blamed the previous governments for increasing the overall debt of the country. 'It is evident from the above that the increase in debt during the tenure of present government occurred mainly during FY19 as an unavoidable consequence of erroneous policies of the past. Had the present government maintained a...
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