Pakistan's debt swells to Rs 80 trn: report
image for illustrative purpose
New Delhi: Pakistan's total public debt rose from Rs 71 trillion to Rs 80.5 trillion in 360 days, a government fiscal summary shows -- a Rs 9 trillion increase across a period the government has described as one of economic stabilisation -- a new report has said.
According to a report published in The News International, the increase translates to Rs 26 billion borrowed every day, including 19 gazetted public holidays.
Hourly, the government incurs Rs 1.08 billion in new debt. Moreover, every minute, that figure is Rs 18 million.
The report also noted that for every Rs 100 Pakistan's economy produces, Rs 72 is already owed before any public service is funded. Moreover, the Pakistan government's debt-to-GDP ratio has reached 72 per cent.
Of the Rs 9 trillion increase, Rs 2 trillion was disbursed in grants and a further Rs 2 trillion absorbed losses at state-owned enterprises. None of the major loss-making entities -- power utilities, gas companies, railways, steel, or the national airline -- have undergone structural reform.
The government fleet currently comprises 85,500 vehicles, consuming Rs 114 billion in fuel annually.
