Pakistan’s debt to rise by Rs.2 trillion

By IANS,

Islamabad : Pakistan’s public debt is expected to rise by a staggering 34 percent or Rs.2 trillion ($25 billion) in the current fiscal largely due to the massive depreciation of the rupee and external loans obtained for maintaining the balance of payments.


Support TwoCircles

The public debt was at Rs.5.9 trillion at the beginning of the fiscal July 1, 2008.

Quoting from figures compiled by the finance ministry, Dawn Tuesday said the foreign currency debt will reach Rs.4.8 trillion and the domestic currency debt will be at Rs.3.1 trillion by the end of the fiscal June 30.

The public debt share as percentage of GDP will rise to 59 percent from 56.3 percent in the last financial year. This will be in violation of the Fiscal Responsibility and Debt Limitation Act, 2005 that mandates a gradual reduction in the public debt.

SUPPORT TWOCIRCLES HELP SUPPORT INDEPENDENT AND NON-PROFIT MEDIA. DONATE HERE