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every pakistani is indebted with Rs 216,709 loan: Minister

Every Pakistani is indebted with Rs 216,709 loan: Minister

ISLAMABAD: The minister of state for finance Dr Ayesha Ghous Pasha said that the per capita debt by Dec 2022 stood at Rs 216,709.

She stated this in the National Assembly on Monday while sharing the data of national debt and per capita debt in Pakistan.

During Question Hour, the minister said Pakistan maintained a debt-to-GDP ratio at 73.5% during the period under review.

Till Dec 2022, she said, the national public debt was Rs 52.72 trillion. It included domestic debt of Rs33.116 trillion and external debt of Rs19.60 trillion.

Ghaus said an amount of Rs50 billion was given to the Khyber-Pakhtunkhwa government during 2022-23 to meet current and development expenditures of the erstwhile FATA (Federally Administered Tribal Areas).

Meanwhile, the country’s total debt and liabilities are at Rs. 63.86 trillion as per the State Bank’s data at the end of the Q2 of the fiscal year 2022-23. The increase was observed despite a decrease in foreign debt, by $3.851 billion due to the suspension of the International Monetary Fund (IMF) program during the first half of the current fiscal year.

The data shows that Pakistan’s debt stock increased by Rs4.169 trillion to Rs.63.86 trillion during the first half of the current fiscal year.

The total debt of the nation increased from Rs. 56.764 trillion to Rs. 60.718 trillion. At the end of the first quarter, the value of debt was the same debt which is Rs 62,407 trillion. The growth since then has been quite close to 2.3%. This included the government debt, worth Rs 33.1 trillion.

Moreover, it included the external debt, which was worth Rs 26.127 trillion, and the debt owed by public sector firms, which was estimated to be worth Rs 1.474 trillion.

The government raised Rs2614 billion through Pakistan Investment Bonds during the past six months, which is a portion of the total domestic debt held by the government, valued at Rs33.116 trillion. In December 2022, the total debt of Pakistan’s investment bonds reached Rs. 20.301 billion.

The GOP Ijara Sukuk’s debt stock increased from Rs 2,280 billion to Rs 2,644 billion.

For the first half of the current fiscal year, the Saving Schemes‘ (Net of Prize Bonds) financial commitments decreased from Rs. 3.208 trillion to Rs. 2,961 billion. Hence, government’s debt on T-bills reduced from Rs. 6.752 trillion to Rs. 6,091 trillion.

The government’s external debt stock raised from Rs.16.747 trillion to Rs.17.880 trillion during the first half of the current fiscal year. But in terms of PKR, it increased by Rs1.1 trillion.

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I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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