Rising debt
Pakistan’s total debt reaches 74.6 trillion rupees, 70.5pc of GDP, Aslam claimed
PESHAWAR
Advisor to Chief Minister Khyber Pakhtunkhwa on Finance Muzammil Aslam on Saturday criticized the Pakistan Muslim League Nawaz (PML-N) led federal government over taking huge borrowing from foreign lenders.
In a statement issued here Muzammil Aslam revealed that Pakistan’s total debt reached Rs74.6 trillion by June 2024, a 12.3 percent increase from the previous financial year.
Aslam claimed that the Shehbaz government borrowed Rs22.5 billion per day, equivalent to Rs 1 billion per hour, and accumulated a loan of Rs31,100 billion from April 2022 to June 2024.
Responding to the county’ financial situation in view of foreign loans, he emphasized that domestic debt increased by 72pc since April 2022, with 42pc of Pakistan’s current debt added in the last 26 months.
KP finance Advisor Musammil Aslam warned that the debt ratio was expected to worsen due to a projected fiscal deficit of Rs9 trillion this year.
He urged the establishment of a proper debt management unit to address the growing debt burden, fiscal deficit, and poor governance system.
