Pakistan on the dark side, the country’s debt burden reached 60 trillion rupees, a country on the verge of disintegration like Sri Lanka!
Pakistan’s total debt and liabilities have reached the sky. It has been told by the newspaper The Express Tribune here that Pakistan now has a debt of about 60 trillion i.e. 59.7 trillion rupees. In the last 74 years, 12 trillion rupees have been added to the total debt. The public debt has risen sharply. The government is directly responsible for the repayment of public debt. In the last financial year it was 9.3 trillion and by June 2022 it has reached 49.2 trillion. These figures have been released by the country’s central bank State Bank of Pakistan (SBP).
Very bad economy
The situation in Pakistan has increased the concerns of the world. According to experts, this country may soon follow the path of Sri Lanka. Former Prime Minister Imran Khan had promised that he would bring the public debt to 20 trillion by the end of his term. But now the country is moving towards the dark. A new loan bulletin for the financial year 2021-22 has been issued by the Central Bank on Monday. This bulletin clearly shows how bad the condition of the national economy is.
Along with this, information is also available about how fast Pakistan is breaking into the burden of debt. It has been told by the bank that there has been an increase in debt and liability on the country and it has reached 59.7 trillion. This has increased by 11.9 trillion or 25 percent compared to the previous financial year. This clearly means that if the debt is calculated from 1947 to June 2021, then it has increased by a quarter during the financial year 2021-22 alone.
Imran did a double
If we talk about the total debt and liabilities of Pakistan, then in the year 2018, both of them were at the same level i.e. 76.4 percent. It has increased by 89.2% till the end of June this year. If experts are to be believed, no government has taken any concrete steps to stop the debt. The three big parties of the country have proved to be utter failures. During the rule of Imran Khan’s party Pakistan Tehreek-e-Insaf (PTI), the condition of the country became worse. Under Imran’s rule, the country got the highest debt in 43 years.
Former PM Imran promised to reduce the debt burden while he blamed his ancestors for bringing the country to this condition. When he left his post in April 2022, at that time the country had a debt of 19.5 trillion and the crisis deepened. The debt on Pakistan reached 49.2 trillion by the end of the last financial year. Within a year, it grew by 23.4 per cent or 9.3 trillion.
IMF debt also increased
The foreign debt on the country is also increasing rapidly. Within just one year, it has increased by 35 percent and reached 16.7 trillion. It increased by 4.3 percent. This increase has been due to the fall in the Pakistani rupee and the creation of foreign exchange reserves by raising demand. External debt stood at ₹7.8 trillion at the end of August 2018. Apart from this, the loan received from the International Monetary Fund (IMF) also increased by 21 percent. This has happened within just one year and at the end of last financial year it reached 1.4 trillion.
