ISLAMABAD:
Pakistan’s total debt has crossed Rs 81 trillion and each citizen bears a liability of around Rs 325,000, the Senate Standing Committee on Economic Affairs was informed on Thursday.
During the committee meeting, officials from the Finance Department revealed that of the total debt, external liabilities amount to over Rs 26 trillion, while domestic loans exceed Rs 55 trillion.
The officials cited the country’s fiscal deficit as a major driver of rising debt, noting that additional borrowing is needed to cover the shortfall. They also highlighted that the depreciation of the rupee has further increased the debt burden.
The Committee expressed concern about placing responsibility for economic policy solely with Parliament.
The committee chairman said that the Khyber-Pakhtunkhwa government had borrowed Rs 300 billion which remained unutilized, yet the provincial government continued to pay interest on the loan.
