May 29, 2024

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Pakistan will not be able to repay the entire debt even after selling itself, Prime Minister Imran Khan told the reason

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The State Bank of Pakistan (SBP) released debt figures till September 2021, a day after Prime Minister Imran Khan called the rising debt a “national security issue”.

• State Bank of Pakistan (SBP) released debt figures till September 2021.

• For the first time, Pakistan’s total debt and liabilities crossed Rs 50.5 trillion.

• Prime Minister Imran Khan has described the rising debt as a “national security issue”.

New Delhi. The condition of Pakistani economy is very bad. You can guess this from the fact that Pakistan has more debt than it’s GDP. The latest official data shows that for the first time, Pakistan’s total debt and liabilities have crossed Rs 50.5 lakh crore, of which Rs 20.7 lakh crore is the debt taken by the current government alone. The State Bank of Pakistan (SBP) released debt figures till September 2021, a day after Prime Minister Imran Khan called the rising debt a “national security issue”.

Pakistan’s Prime Minister Imran Khan said in a function in Islamabad that just as the income in a house is less and the expenses are more, then that house remains in trouble, the same is the condition of Pakistan. Khan said that our biggest problem is that we do not have enough money to run our country, because of this we take loans. Imran Khan said that the tax culture was never created in Pakistan. Tax evasion is a bad thing, people do not understand it.

Figures show that the total debt and public debt situation deteriorated during the tenure of the Pakistan Tehreek-e-Insaf (PTI) government. Pakistan’s total debt and liabilities stood at a record Rs 50.5 lakh crore at the end of September 2021, an increase of Rs 20.7 lakh crore in the last 39 months. The total debt of the country has increased by about 70 percent.

Each Pakistani was owed Rs 1,44,000 in June 2018, which rose to Rs 235,000 by September 2021, an additional burden of Rs 91,000 or 63% during the tenure of PTI. Like its predecessor, the PTI government has been running on foreign and domestic debt and has failed to raise revenue to a level where it can reduce its debt burden.

The situation is no different when it comes to the public debt, which is a direct responsibility of the federal government. The government has added Rs 16.5 trillion to the public debt during its tenure, which was equivalent to 165% of the debt acquired by the previous Pakistan Muslim League-Nawaz (PML-N) government in five years.

PM Khan had in February 2019 vowed to bring down the public debt to Rs 20 lakh crore. He was very critical of the economic policies adopted by the previous PPP and PML-N governments and set up a Debt Inquiry Commission to investigate the reasons for the addition of Rs 18 lakh crore to the debt stock over 10 years. Despite the completion of the investigation, the Prime Minister has stayed the release of the report.

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