Pakistan’s public debt surges to Rs34.1 trillion in 9 months
KARACHI – Public debt of the country has surged to Rs34.1 trillion in first nine months of ongoing fiscal year, witnessing 7.4 percent or Rs 2.3 trillion increase from Rs31.7 trillion in the previous fiscal year 2018-19, according to the data of the State Bank of Pakistan (SBP).
The government got funds through commercial banks and national savings to cover the budget deficit as it is committed to its promise of zero borrowing from the SBP.
Domestic debt skyrocketed during the said period due to low tax revenue and higher interest payments by the government.
The domestic debt was stood at Rs22.4 trillion at the end of March, 8.422% up from Rs20.731 trillion at end-June last year.
According to the central bank, foreign debt increased by 5.45% to Rs11.658 trillion after the country borrowed funds from multilateral and commercial sources, and rupee depreciation.
- Heavy rains likely in parts of country from Thursday11:48 PM | 27 May, 2020
- Pakistan condemns start of temple construction at Babri Mosque site ...11:09 PM | 27 May, 2020
- Trump offers to mediate standoff between China, India09:45 PM | 27 May, 2020
- India may lose T20 World Cup 2021 hosting rights over tax issues08:51 PM | 27 May, 2020
- Petrol prices likely to go down by Rs5-10 in Pakistan07:33 PM | 27 May, 2020
- Anoushey receives Eid wishes from 'Ertugrul' – VIDEO04:35 PM | 27 May, 2020
- Nadia Jamil’s best friend goes bald to support her03:55 PM | 27 May, 2020
- Asim Azhar releases his version of Bollywood song Humraah02:34 PM | 27 May, 2020
- When Is Eid Al Fitr 2020? ... So The Curiosity Begins!06:42 PM | 12 May, 2020
- Top five health benefits of eating watermelon04:08 PM | 7 May, 2020
- How to lose weight during Ramadan Kareem03:18 PM | 28 Apr, 2020
- Ramadan 2020: Keep yourself healthy with these 5 nutritional tips12:49 PM | 23 Apr, 2020