Pakistan’s total debt, liabilities exceed Rs 50 lakh crore – more than the country’s GDP

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Pakistan’s total debt, liabilities exceed Rs 50 lakh crore – more than the country’s GDP

Highlight

  • The economy of Pakistan is in constant trouble.
  • The IMF rejected the Imran government’s borrowing request.
  • Pakistan’s PM Imran Khan has described the rising debt as ‘an issue of national security’.

Pakistan Economy News: Pakistan Prime Minister Imran Khan admitted that his government does not have enough resources to spend on the welfare of the people, official data showed, putting the country’s total debt and liabilities to exceed Rs 50.5 trillion have gone. This is much more than the Gross Domestic Product (GDP) of Pakistan.

According to data released by the State Bank of Pakistan (SBP), a debt of Rs 20.7 trillion came under Imran Khan’s regime alone.

The Express Tribune quoted SBP data as saying that in June 2018, each Pakistani owed Rs 1,44,000, which rose to Rs 235,000 by September 2021, up from Rs 91,000 during the tenure of the ruling Tehreek-e-Insaf (PTI). Or there was an additional burden of 63%.

IMF rejects borrowing request

In a further insult to the Imran Khan government, the International Monetary Fund (IMF) has rejected Pakistan’s request to ‘keep a door open for lending’.

The global lender has turned down the Imran government’s offer to allow loans equal to 2 per cent of GDP in a financial year. The IMF did not back down, despite the government’s opinion that it had a constitutional right to take loans to finance its operations, the Express Tribune reported.

Helpless Imran Khan

Pakistan Prime Minister Imran Khan earlier this week expressed his helplessness in reviving the country’s economy, saying his government lacked sufficient funds.

“Our biggest problem is that we do not have enough money to run our country, due to which we have to take loans,” Khan said.

He said that due to paucity of resources, the government has little to spend on the welfare of the people. Khan said rising foreign debt and low tax revenue have become an issue of “national security”.

Read also: Our biggest problem is that we don’t have enough money to run our country: Pak PM Imran Khan

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