KARACHI: Pakistan’s total debt and liabilities in the third quarter of fiscal year 2020 climbed to a whopping Rs42.8 trillion, according to data released by the State Bank of Pakistan (SBP) on Tuesday.
This is a 21.9pc rise when compared to the Rs35.1 trillion of the third quarter of fiscal year 2019.
This latest amount is equal to 98.2pc of the country’s Gross Domestic Product (GDP).
Of that total amount, Pakistan’s debt stood at Rs40.5 trillion, showing a 22pc rise when compared to the same corresponding period in 2019. Pakistan’s debt stood at 93pc of the GDP.
Government domestic debt stood at Rs22.4 trillion. Of that amount, permanent debt made up Rs13.2 trillion, floating debt made up Rs5.7 trillion, and unfunded debt made up Rs3.4 trillion.
External debt stood at Rs16.6 trillion, with external government debt making up Rs11.6 trillion, and non-government external debt at Rs3.2 trillion. The country’s debt from the IMF marginally increased from the last quarter, from Rs1.04 trillion to Rs1.07 trillion.
Pakistan’s liabilities stood at Rs2.3 trillion, showing a 10.8pc rise when compared to the same corresponding period in 2019.
Pakistan’s debt and liabilities have teetered dangerously close to the overtaking the size of the actual economy. At the end of the second quarter and first quarter of FY20, total debt and liabilities stood at 93.9pc and 95.3pc of Pakistan’s GDP, respectively.
However, it is still better than in fiscal year 2019, when total debt and liabilities hit Rs40.2 trillion, which at the time amounted to 104.3pc of the GDP.
According to reports, that was the first time Pakistan’s debt and liabilities had overtaken the size of the economy since the year 2000.
