The International Monetary Fund also rejected Pakistan’s loan request and did not agree to any significant liability from the State Bank of Pakistan.
For the first time ever, Pakistan’s total debt and liabilities exceeded 50.5 trillion Pakistani rupees (PKR), according to reports citing official figures released on Wednesday. Of this amount, the addition of PKR 20.7 trillion is the sole responsibility of the current government. Pakistan’s total debt and public debt have deteriorated since Imran Khan’s government came to power, ANI news agency reported.
The State Bank of Pakistan released debt figures through September 2021, a day after Prime Minister Imran Khan called the increase in debt a “national security problem,” Express Tribune reported.
Pakistan’s total debt and liabilities hit a record PKR 50.5 trillion at the end of September 2021, an addition of PKR 20.7 trillion over the past 39 months. There has been an almost 70% increase in the country’s total debt, Express Tribune reported.
Pakistan’s National Assembly was also informed on Friday that the country’s public debt had increased by 14.9 trillion from July 2018 to June 2021 by the Ministry of Finance and Revenue. In a written response to a question, the House was informed that the exchange rate depreciation added about PKR 2.9 trillion (20% of the increase) to the public debt while the government paid $ 7.5 trillion. PKR for interest service, or 50% of the increase in total public debt, The News International reported.
According to The Express Tribune, the International Monetary Fund also rejected Pakistan’s loan request and did not agree to any significant liability of the State Bank of Pakistan. The report said that the central bank’s profits would also not be transferred 100% to the federal government until the State Bank of Pakistan obtained cover to cover its monetary liabilities.
According to the Tribune report, the ban on borrowing from the central bank has left the government at the mercy of commercial banks, which have demanded in recent weeks an interest rate well above the key rate.
(With contributions from the agency)
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