ISLAMABAD: The internal debt of Pakistan has been increased by Rs 10,000 billion in a time span of three years.
Finance ministry has submitted a report regarding internal and external debt in Senate according to which, the country’s internal debt was Rs 16.4 trillion in June 2018 and it crossed Rs 26,000 billion till August 2021.
The report mentioned that the external debt of Pakistan has been raised by Rs6500 billion in three years. The external debt was Rs8500 billion in June 2018 and it jumped Rs14,000 billion figure till August 2021.
The ministry further told that total debt of Pakistan in June 2018 was Rs25,000 billion.
On the other hand, Minister of State of Parliamentary Affairs Ali Muhammad Khan said that the government is taking necessary steps for ensuring fiscal discipline and consolidation, stabilizing the economy and accelerating growth.
Responding to a question during Question Hour in the Senate, he said debt to GDP ratio decreased by four percent during 2020-21 and government expects that this ratio will decrease further by two to three percent during the ongoing fiscal year.
Ali Muhammad Khan said the government has developed a Refinance and Credit Guarantee Scheme for collateral Free Lending to small and medium enterprises of the country.
He said the scheme envisages a time bound refinancing of around sixty billion rupees in three years by State Bank of Pakistan to selected commercial banks.