Public Debt Projected To Soar By Rs5.632 Trillion To Rs54.109 Trillion In Next Fiscal Year.
Pakistan's public debt is projected to increase by Rs5.632 trillion to Rs54.109 trillion in next fiscal year.
The country's public debt was Rs48.477 trillion during the current fiscal year, which is projected to enhance by Rs5.632 trillion to Rs54.109 trillion in next financial year. The Medium-Term Budget Strategy Paper showed that Pakistan's external as well as domestic debts would record increase in the upcoming fiscal year. External debt is estimated to increase to Rs20.561 trillion in FY23 from Rs18.085 trillion in FY22. Similarly, the domestic debt is also projected to enhance from Rs30.392 trillion to Rs33.548 trillion in the next year.
However, the public debt to GDP (Gross Domestic Product) ration is projected to decline in next fiscal year. The public debt to GDP ration would reduce to 69.1 percent in upcoming financial year from 72.4 percent. 'The debt to GDP ratio will increase and reach around 72.4 percent at the end of ongoing fiscal year (FY22) primarily due to higher federal fiscal deficit and depreciation of Pak rupee against US dollar. However, debt-to-GDP ratio is expected to reduce to 69.1 percent at the end of the next fiscal year (FY23) on the back of fiscal consolidation efforts of the government,' the ministry of finance stated in Medium-Term Budget Strategy Paper. Over the medium term, the government's objective is to bring and maintain its public debt-to-GDP ratio to sustainable levels through a combination of greater revenue mobilization, rationalization of current expenditure, and efficient/productive utilization of debt.
It further explained that the government also aims to reduce its 'Gross Financing Needs (GFN)' through various measures mainly including (i) better cash flow management through a treasury single account; (ii) lengthening of maturities in the domestic market keeping in view cost and risks trade-off; (iii) developing regular Islamic based lending program...
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