Monday, December 4, 2023

PTI Will Pay $55 Billion Foreign Debt During its 5 Years Tenure

Fawad Chaudhry, the Minister for Information and Broadcasting, said that the PTI government will pay $55 billion in foreign debt payments during its five-year tenure that ends in 2023, which started in 2018.

During the PTI tenure in government, the foreign debt payment was much higher than the debt payment of the PML-N government, which paid $27 billion for debt during its time in govt. Pakistan will pay $12.27 billion in this fiscal year, and $12.5 billion in the next fiscal year, he said in a tweet.

It was $127 billion in debt and liabilities outside of Pakistan at the end of September 2021, according to data from the State Bank of Pakistan that they made public at the time. First-quarter FY22 data shows that the country’s debts and liabilities outside of the country rose by $4.85 billion, which is a lot. As a percent of GDP, the amount is 40.2 percent.

Foreign Exchange Reserves Rose:

This fiscal year, foreign exchange reserves jumped from $17.441 billion to $19.374 billion in just the first three months.

Read Also: PTI lost in KP Election due to Wrong selection of Candidates: Imran Khan

A lot of the debt and liabilities are from the Paris Club and from the IMF loan and from foreign exchange liabilities. Public Sector Enterprises (PSEs’)) debt and debt not guaranteed by PSEs are also included. It also includes borrowing by banks, non-residential deposits, debt from the private sector that they guaranteed or not, and debt from direct investors.

Pakistan’s economy is having a hard time growing right now because its current account deficit has grown a lot because of a rise in imports. The data from the State Bank of Pakistan shows that there has been a big change in the deficit. In November 2021, the deficit was $1.91 billion, compared to $563 million in November 2020.

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