ISLAMABAD – Senate that Pakistan is due to pay $37 billion for servicingforeign loans in the next five years.
“Out of $88.19 billion in total loans, the country will retire $9.2 billionby the end of this year,” said the Minister of State for Finance andRevenue, Hammad Azhar while answering questions during the Question Hour.
The minister said the government had paid back $3,256 million under foreigndebt and $1,295.21 million interest on loans during the current fiscal yearby January.
“The previous [PML-N] government, during its tenure, had obtained loans ona very short term due to which Pakistan Tehrik-e-Insaf (PTI) government hasan overburden of debt servicing,” Azhar said.
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He said the incumbent government was resolute to get rid of the country’sforeign debt obligations and was pursuing a multi-pronged strategy in thisregard.
The minister said their focus was to increase the country’s exports andreduce imports gradually.
