Pakistan total debt touches unprecedented high levels of Rs 21.8 trillion
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KARACHI: State Bank of Pakistan (SBP) data released on Thursday revealed Pakistan’s total debt (external and domestic) stocks had reached Rs21.8 trillion by November 2017.
This sharp increase took place during the first five months of financial year 2017-18, largely attributable to rising fiscal imbalances, reported Business Recorder.
Total debt stocks in term of value have gone up majorly on back of increased expenditures by the government, which contributed to rising fiscal deficit and outstripping the revenue it is earning.
During July-Nov of FY 2017-18, governments total debt stocks rose by 5 percent, touching Rs21.861 billion by end of November 2017. The central bank hasn’t included loans from IMF in these released statistics.
In July-Nov of FY 2017-18, domestic debt spiked up by around 6 percent, while external debt stocks rose by 3 percent. Due to increase of Rs917 billion, total domestic debt stocks touched Rs15,766 trillion by end-November 2017 compared against Rs14.849 trillion in June 2017.
Permanent debt, floating debt foreign currency loans, short-term loans unfunded debt formulate the total domestic debt stocks. Rs7.823 trillion formulated long-term debt and Rs7.943 trillion short-term of total domestic debt.
External debt surged up by Rs175.4 billion, touching Rs6.094 trillion by November 2017 compared to Rs5.918 trillion in June 2017. This includes short-term loans worth Rs108.3 billion and long-term loans of Rs5.986 trillion.
