Govt debt totals 59pc of FY21 budget in 7 months

The government received a total of $7.21 billion in total external inflows from multiple financing sources during the first seven months of the current fiscal year (7MFY21), according to a report published by Foreign Economic Assistance (FEA).

The total numbers amount to about 59 per cent of the country’s annual budget estimates for this fiscal year of $12.23 bn.

It is 8pc more than what it was last year in the corresponding period. Last fiscal’s first seven months saw government borrow 51pc of its annual budget.

The federal finance ministry said Saturday that the total debt meant $1.3 bn, or 19 pc, were for budgetary support to restructure Pakistan’s economy, while $3.1 bn, or 43pc, were foreign commercial borrowings to repay maturing foreign commercial loans.

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It added $1.3 bn, another 19pc, were for the financing of development projects.

According to the reports about $399 million or 5pc were for commodity financing of the government, and the rest amounting to $1 bn or 14 pc were from China received as safe deposits in Pakistani banks.

 

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