Pakistan’s debt soars to Rs36.3tr

The Pakistan Tehreek-e-Insaf (PTI) government added Rs11.35 trillion in the public debt during the first two years in power, which was more than the total debt the previous government had taken in its five-year term

Aug 21, 2020

The Pakistan Tehreek-e-Insaf (PTI) government added Rs11.35 trillion in the public debt during the first two years in power, which was more than the total debt the previous government had taken in its five-year term.

In a briefing to media, the spokesman of the Ministry of Finance said on Thursday that total public debt as of June 30, 2020, increased to Rs36.3 trillion or 87% of Gross Domestic Production (GDP).

“There was an addition of Rs11.35 trillion or 45% in the total public debt in the past two years,” said Mohsin Chandna, spokesman of the Ministry of Finance.

When the Pakistan Muslim League-Nawaz (PML-N) government left the power corridors, the total public debt was Rs24.95 trillion or equal to 72.5% of GDP. In just two years, it has surged to 87% of GDP, which is unsustainable and carries huge risks for the economy and the country’s foreign policy.

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