PTI government returns record external debt of $9.5 billion in first fiscal year
- PTI government has returned the debt money worth $9.5 billion, says Hammad Azhar.
- Debt during the first year of government has risen by an amount of $2.7 billion, he added.
- Such a huge debt payment was obligatory to the incumbent leadership of the country.
- The country’s reserves are consistently on the decline due to debt payments.
Minister of State for Revenue Hammad Azhar said that the newly elected government of Pakistan Tehreek-e-Insaaf has retired record external debts worth 9.5 billion dollars. This payment has been done during the first fiscal year of the PTI government. None of the past governments has returned such a huge debt payment during a single year duration.
Hammad Azhar also said that the external debt during the PTI government was increased by $2.7 billion whereas the debt money during the last year of the PML-N government was increased up to $7 billion.
About the country’s total debt and liabilities, Hammad Azhar mentioned that the total debt has risen from 6,100 billion rupees to 31,000 billion rupees.
The repayment of this debt money during the fiscal year 2018-2019 was obligatory. This debt also included the repayment of IMF loans. Currently, Pakistan is running short of foreign exchange reserves that hover around $7.5 billion.
As of today, the closing of this financial year, #PTI has paid back $9.5 billion in loans.
Is any Anchor telling you this ?
— Mir Mohammad Alikhan (@MirMAKOfficial) June 28, 2019
The meager foreign exchange reserves and the widening trade deficit is causing the devaluation of local currency. The central bank of the country is unable to support the national currency as its reserves are consistently on the decline due to debt payments.
What do you think of the PTI government’s performance on the economic front on the completion of the first fiscal year? Let us know in the comment section