ISLAMABAD – Every single Pakistani is now under Rs 153,689 of debt as theper capita debt climbed by 28% at the end of the fiscal year. The Ministryof Finance has worked out per capita debt on the assumption of totalpopulation of 212.8 million, assuming 2.4% annual population growth.
The numbers were released by the Ministry of Finance as they told theNational Assembly that public debt was continuing to climb after theymissed all of their budget strategy targets. The details were released aspart of the government’s annual Fiscal Policy Statement.
Last year, the per capita debt had been recorded at Rs24.9 trillion and theMinistry of Finance at that time worked out the per capita debt atRs120,099. The resultant 28% increase has amounted to Rs33,590 per capitadebt.
This means that the Pakistan Tehreek i Insaaf (PTI) government has followedin the footsteps of its predecessor, the Pakistan Muslim League Nawaz(PML-N) federal government, by breaching the debt reduction limits set inthe Fiscal Responsibility and Debt Limitation Act of 2005.
The PTI government presented its annual Fiscal Policy Statement to theNational Assembly as per the act, which has revealed the climbing rate ofper capita debt.
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The fiscal policy statement showed that the total public debt was recordedat Rs32.7 trillion at end June 2019, resultantly, public debt per capitastood at Rs153,689 at end June 2019.
However, if we take September 2019 debt level, the per capita data hasfurther increased to over Rs160,000 per person.
