ISLAMABAD:
Pakistan’s total debt has crossed Rs 81 trillion, with each citizen owing debt of around Rs 325,000, the Senate Standing Committee on Economic Affairs was informed on Thursday.
During the committee meeting, officials from the Economic Affairs Division revealed that out of the total debt, external debts account for over Rs 26 trillion, while domestic borrowings exceed Rs 55 trillion.
Officials cited the country’s budget deficit as one of the main drivers of the rising debt, noting that additional borrowing is needed to close the deficit. They also pointed out that the depreciation of the rupee has further increased the debt burden.
The committee expressed concern about placing responsibility for economic policies solely in Parliament.
The committee chairman said the Khyber-Pakhtunkhwa government had borrowed Rs 300 billion, which remained unutilized, but the provincial government continued to pay interest on the loan.
