ISLAMABAD: According to the State Bank of Pakistan, the total debt and liabilities of Pakistan have increased to Rs62.40 trillion by Sept 2022, showing 24 percent growth.
In rupees, the debt and liabilities increased by Rs 12 trillion due to various reasons including devaluation of rupee value.
According to SBP’s latest data, the debt and liabilities amounted to Rs62.46 trillion in July-September FY2023 period, up from 50.49 trillion in the same period of last fiscal year.
Analysts said the increase in the national debt was in the external sources.
By Sept 2022, the government’s domestic debt surged 18.7% _ to Rs31.40 trillion while the foreign debt amounted to Rs18 trillion. It is 30.2% up from a year ago.
Meanwhile, the total external debt and liabilities soared 33.4% _ to Rs28.94 trillion.
Debt servicing was one of the reasons for the rise in the country’s debt, including the rising fiscal and external obligations. The five-year credit default swap of Pakistan (the cost of insuring exposure to the country’s sovereign debt), increased to 7,550 basis points on Oct 16, 2022, _ up 1,929 bps from a couple of days level.