Islamabad: As Pakistan’s financial debt continues to mount, the country’s total debt rose to Rs.149 trillion during three years under Imran Khan-led-Pakistan Tehreek-i-Insaf (PTI) government, according to an annual report released by the State Bank of Pakistan, the country’s vernacular media reported.
The annual report released by State Bank of Pakistan shows government debts at 399 trillion and of this, debts rose by Rs.149 trillion during three years under PTI and this debt raised by PTI government is equal to 80 per cent of debts raised by Pakistan Peoples Party (PPP) and Pakistan Muslim League-Nawaz (PML-N) during 10 years of their rule, local media reported on Wednesday.
Meanwhile, Pakistan’s public debt had increased by over eight per cent in 11 months of the fiscal year ended in June due to increased government borrowing to meet the spending requirements during the COVID-19 pandemic, The News International reported citing the government data in the month of July. Analysts predict the budget deficit to be in the range of 7.0-7.5 per cent in fiscal year 2022, where part of the shortfall would be covered by cut in expenditures, both current and development. The primary deficit is expected to be in the range of 1.0-1.5 per cent, the publication further reported.
The Pakistan outlet claims in its official report that increased level of external inflows from multilateral and bilateral development partners is indicative of their confidence in development priorities and policies of the government, including implementation of reforms in the priority areas of fiscal and debt management, energy sector and ease of doing business.