Islamabad [Pakistan], April 18 (ANI): Pakistan’s total public debt till December 2021 stood at Rs 42,745 billion, including Rs26,745 billion domestic debt and Rs15,950 billion external liabilities, according to a report released by the finance ministry.
The country’s total public debt stood at Rs 39,859 billion in June 2021, going up from Rs 36,399 billion in June 2020, the data showed, The Frontier Post reported citing WealthPK.
According to the ministry of finance sources and the data, Pakistan’s public debt was Rs32,708 billion in June 2019.
In terms of percentage, the total domestic debt-to-GDP ratio was 55.1 per cent in June 2021, while it was 56 per cent in June 2020 and 54.4 per cent in June 2019, the report said.
Likewise, the country’s external debt-to-GDP ratio was 28.5 per cent in June 2021, while it was 31.6 per cent in June 2020 and 31.4 per cent in June 2019, the finance ministry sources and the data revealed, according to The Frontier Post.
In dollar terms, Pakistan’s domestic debt stood at $167 billion in June 2021, while it was recorded at $138 billion in June 2020 and $127 billion in June 2019. Pakistan’s total public debt in June 2021 was recorded at $253 billion, $216 billion in June 2020 and $200 billion in June 2019.
The report, citing economic experts, said the government should slash its non-development expenditure, boost exports, reduce imports and generate own sources of income to bring down the debt. They also suggested the government focus on further improving remittances’ flow from overseas Pakistanis and avoiding taking expensive loans to stabilise its foreign exchange reserves.
They said the government should document the economy and bring tax evaders into the tax net by improving the performance of the Federal Bureau of Revenue.
The constitutional crisis in Pakistan has affected the already fragile economy of the country, with the International Monetary Fund (IMF) effectively suspending its programme in the country till a new government is formed. (ANI)
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