ISLAMABAD: Pakistan’s total public debt – domestic and external – was recorded at Rs36.3 trillion in the financial year 2019-20 (FY20), up 154pc (or Rs22 trillion) since FY13, when it was recorded at Rs14.3 trillion, an official document of the finance ministry revealed.
During the first two years in power, the PTI government increased the public debt by Rs11.3 trillion or 45.2pc. The same in FY18 was recorded at Rs25 trillion.
In FY2008, when President Musharraf left the seat of the president, Pakistan’s total public debt was Rs6.1 trillion. By the end of the PPP-led government in 2013, the debt had risen to Rs14.3 trillion (Rs8.2 trillion or +134pc).
The government of PML-N, in his five-year tenure (2013-18), further piled a debt of Rs10.7 trillion, taking the country’s total to Rs25 trillion.
But Imran Khan’s government has surpassed the previous government by matching the amount of debt only in two years.
It may be noted here that if Pakistan today decides to retire all its public debt, then it will have to forego around 87pc of its gross domestic product (GDP), which, at present, stands at Rs41.7 trillion. This also indicates that Pakistan has violated the Fiscal Responsibility and Debt Limitation Act (FRDLA), which calls for limiting the debt to below 60pc of GDP.
Of the total public debt, Pakistan’s domestic debt was recorded at Rs23.2 trillion in FY20. External debt clocked in at Rs13.1 trillion.
It is pertinent to mention that the PPP government had added Rs1.9 trillion (65.5pc) to the country’s external debt, PML-N government further burdened the nation with Rs3.7 trillion (77pc) external dent, while the incumbent PTI government, only in two years, has jacked the external debt up by Rs4.6 trillion (54pc).
Why are Dollar currency conversion amounts not mentioned in this article? Comparing Debt in 2020 to that of 2009 is illogical without considering Dollar conversion rate as we are discussing External Debt here.
It’s only one sided picture of PTI GOVERNMENT 2 years comparison with those 2 parties
PPP & PML N who were in governments over 35 years one way or another.
One more thing that why u had not mentioned previous PML N & PPP GOVERNMENTS wrong policies due to which PAKISTAN balance of payment was negative and import bill was over US $ 15 TO 20 BILLIONS more than total exports of the country in a year due to which now PAKISTAN is at very difficult stage.
PTi in on top Corrupted Government So don’t compare with PMLN And PPP 😏
This is, frankly speaking, a poor article. The whole article is dedicated to debt increase without comparing debt in USD terms (most of the debt is foreign not local), where the debt has been utilized etc.
I hope Profit Pakistan will do a better job now that they have a paid subscription option. It has produced some of the best business articles that I have seen covering Pakistani economy/business news and I would love to see it churn out more pieces like those
I guess Profit also does paid propaganda for the opposition now.
Who are you trying to fool here, we are not normal citizens that can get deluded by this clearly twisted piece.
USD rates are the key inflection point here but you purposefully avoided it. Disappointing.
plz help me
It’s the real face of PTI
It is sad flight of financial matters in Pakistan that’s why common man is living in hell like situation …None could deliver the good they were voted into power for
Simply U Turns government . They claim that their government is against corruption but in DHA Valley case billions of dollars have been looted from overseas Pakistanis and billions of rupees from inland and government is not going to take any action against them whereas political opponents are being tortured for small cases .
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