‘PTI govt to pay $55bn foreign debt in five years’

Debt 1 - ‘PTI govt to pay $55bn foreign debt in five years’

ISLAMABAD: Minister for Information and Broadcasting Fawad Chaudhry has said that total debt payment during the five-year tenure of the Pakistan Tehreek-e-Insaf (PTI) government will be around $55 billion.

In press briefing after cabinet meeting, the information minister said that the incumbent government has paid back $12.27 billion foreign debt this year alone and about $12.5 billion will be paid next year. He said that overall $27 billion debt was paid by the Pakistan Muslim League-Nawaz regime in its last government.

As per the State Bank of Pakistan (SBP) data, Pakistan’s external debt and liabilities registered an increase of $4.85 billion during the first quarter of the current fiscal year 2021-22. The country’s total external debt and liabilities rose to $127.023 billion by end-September 2021 compared to $122.209 billion by June 2021.

Official foreign exchange reserves increased from $17.441 billion to $19.374 billion during July-Sept of FY22.

Total stocks of debt and liabilities comprise Paris Club, the IMF loan, foreign exchange liabilities, Public Sector Enterprises (PSEs) guaranteed debt and non-guaranteed debt, banks borrowing, non-residential deposits, private sector guaranteed/non-guaranteed debt and foreign exchange and debt liabilities to direct investors.

National economy continues to remain under enormous pressure amid a rising current account deficit, which comes on the back of growing imports.

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