Pakistan’s total debt rises to Rs 44.5 trillion equal to 106% of GDP

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Pakistan’s total debt rises to Rs 44.5 trillion equal to 106% of GDP

Pakistan is mired in an unsustainable debt as billions are being borrowed without any justification, an FPCCI official said Monday.

Horrible crimes have become the order of the day due to political interference in important departments which has unnerved masses and emerged as a challenge for the criminal justice system, said Dr. Murtaza Mughal, Convener FPCCI Central Standing Committee on Insurance.

In a statement issued here on Sunday, he said that new records are being set for loans while inefficiencies have resulted in political instability.

The former government borrowed a lot but they have a long list of development projects while the current dispensation has nothing to show, he added.

Dr Murtaza Mughal who is also President of Pakistan Economy Watch said that In 2019, total debt stood at 105.9 percent of the GDP as Pakistan’s total debt and liabilities surged to Rs44.5 trillion, equivalent to 106.8 percent of GDP till the end of June 2020.