Federal govt borrowed Rs3,373 billion loan in three years

ISLAMABAD (Yes News) – Minister for Finance Senator Mohammad Ishaq Dar in his written reply to a call attention notice informed the Upper House of the Parliament that the federal government borrowed Rs3,373 billion loan in last three years.

Federal govt borrowed Rs3,373 billion loan in three years

Federal govt borrowed Rs3,373 billion loan in three years

Debt on each Pakistani soared by Rs16,865.

Statistics further stated that Pakistan borrowed Rs550 billion from International Monetary Fund (IMF) from January 1-2014 to December 1-2014 while World Bank (WB) lend Rs442 billion to federal government from January 1-2014 to November 30-2014.

Likewise, government borrowed Rs2376 billion from various national banks.

The statistics, which were shared by the Law Minister Zahid Hamid on behalf of Finance Minister Ishaq Dar, show that the gross public debt has gone up to 66.5 percent of the GDP as compared to 64 percent of the GDP in 2013.

Responding a call attention notice, the law minister said Pakistan’s net public debt to GDP ratio increased marginally by 1.1 percent during the last three years as compared to the 6.7 percent increase witnessed during the tenure of the previous regime.

Keeping in view current scenario, financial analysts forecast that external debt may surpass Rs1000 billion by 2018.

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