ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb disclosed that Pakistan’s total debt stood at Rs71 trillion, amounting to a 67% debt-to-GDP ratio as of June 2024.
In a written response to a question during the National Assembly session on Monday, the minister detailed the breakdown of the debt:
- External Debt: Rs24 trillion
- Domestic Debt: Rs47 trillion
The minister highlighted that reducing external public debt requires maintaining a zero current account deficit or a positive account balance before interest payments, alongside higher growth in Foreign Exchange Earnings (FEE) relative to the interest rate on external debt.
He also noted that Pakistan achieved a current account surplus of $944 million during the first five months of the current fiscal year (5MFY25), a significant improvement from the $1.67 billion deficit recorded in the same period last year.
Debt Stocks Reach Rs70 Trillion by November-End
In another written reply, Minister for Commerce Jam Kamal Khan shared export statistics for July to December 2024-25, focusing on citrus and mango exports:
- Citrus Exports: Pakistan exported 105,690.3 metric tons (MT) of citrus fruits, generating $30.9 million in revenue.
- Afghanistan was the largest importer, receiving 77,547.44 MT worth $16.72 million (54% of total citrus export revenue).
- Other key markets included the UAE (9,173.09 MT, $3.99 million) and Indonesia (6,384.01 MT, $3.3 million).
- Mango Exports: Pakistan exported 17,031 MT of mangoes to the UAE, earning $10.58 million, while the UK imported 4,783 MT, generating $17.97 million. The UAE and UK remained the top destinations for Pakistani mangoes.
Government Tackles Tax Reforms Amid Opposition Protests
Minister of State for Finance Ali Pervaiz Malik addressed supplementary questions from members, emphasizing that reforming the tax system is a top priority. He stated that the government had implemented a comprehensive plan to address challenges such as the undocumented economy, a limited tax base, and over-reliance on regressive taxation.
