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ISLAMABAD: The National Assembly was informed on Wednesday that total debt – both domestic and external debt – from 2019 to 2022 stood at Rs9.33 trillion.

In a written reply to a question, Finance Minister Ishaq Dar said total domestic debt in 2022 stood at Rs4.77 trillion while external debt stood at Rs4.56 trillion.

He also said that the federal deficit stood at Rs5.61 trillion, while total expenditure remained Rs9.35 trillion in 2022 during Pakistan Tehreek-e-Insaf (PTI) government.

Govt debt stocks soar to record Rs57trn by Mar-end: SBP

In her remarks, Minister of State for Finance Aisha Ghaus Pasha said the previous government took massive loans, but did not initiate any major development project.

“We have taken new loans to repay the previous ones,” she said, adding that the economic situation of the country is quite worse and most of the loans are being used to run the affairs of the country.

To a question, she said rising inflation is a global phenomenon and so is currency depreciation. About the current inflationary trend, she said that international factors have significantly contributed to the price hike of essential commodities.

However, she said that responsibility also rests with the provinces to maintain supply chains to check inflation.

Responding to a calling attention notice, Minister of State for Law and Justice Shahadat Awan told the house that the pension of the Employees Old Age Institution (EOBI) would be increased in July this year.

He said that a consultant had been hired to determine the pension of the EOBI’s beneficiaries, keeping in view the institution’s proceeds. He said that about 413,000 people are currently benefiting from the EOBI’s pension scheme, adding the pension is being given in the range of Rs8,500 to 21,000.

The house also passed two bills which include the National Skills University Islamabad (Amendment) Bill, 2023 and the NFC Institute of Engineering and Technology Multan (Amendment) Bill, 2023. Both bills were moved by Federal Minister for Education Rana Tanveer Hussain.

Copyright Business Recorder, 2023


Comments are closed.

Aqib Nuhullah May 25, 2023 11:12am
Pakistan external debt liabilities decreased from $130.32B in June 2022 to $125.7B in Mar'23 but overall Pakistan Debt increased to 72.98 Trillion in PKR. THis massive increase in PKR is due to currency devaluation. Had we kept our currency in check we could have reduced our debt massively but all the economist wants to see dollar at 300 at that time. Same goes for Public external debt which also declined from $99.97B to $96.28B but in PKR it has gone to 57.12Trillion. We need to evaluate what's best for our country going forward
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Tulukan Mairandi May 25, 2023 11:29am
Loans taken to repay interest of previous loans. Economy in contracting, exports and remittance falling, but population growing exponentially. This is a perfect recipe for catastrophe
thumb_up Recommended (0)
Jani Walker May 25, 2023 12:48pm
Fudged figures. Dollars converted at Rs.280. Real conversion at Rs.310 will produce worse figures. Lies and more lies.
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HashBrown® May 27, 2023 12:58pm
"Dar explains country’s debt burden" Nobody summarises Pakistan's curse of rewarding incompetence better than this useless peasant. I wouldn't trust him to explain how to make a sandwich.
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Fazeel Siddiqui (Overseas Pakistani) May 27, 2023 03:18pm
PTI took huge loans to repay large non-productive loans of PPP/PMLN and to run government & self created defense hoax. Now PDM/PPP has to take mammoth loans at high interest rates to repay to their own loans take in last decade. This ponzi cycle will go on and one day it will burst to expose fraud elite of Pakistan and only guns will rule. After PTI educated & skilled are not only leaving politics but also the country. I see USD = 500 not far.
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Muhammad Azmat Khan Jun 01, 2023 10:18am
Updating status of debt is not expectation from government, they must have plan to improve economy with industrialization, enhancement program for agriculture, control over USD vs PKR. Unfortunately only way out is being presented to us taking loan and re-paying loan amount. In current economy situation cutting expenses, stopping mega development infrastructure project for short time span line 2 to 3 years, and investing only for industrialization n and for agriculture will add value to economy. No vision, no planning no coordination and there is no strategic authority is aligned, to overcome this difficult situation , handling only one men is not the solution, we have great and very potential people who can contribute to country if government present 05 to 10 year concrete plan. We wish govt. take it serious before worst then current...............................
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