ISLAMABAD: Pakistan’s total public debt has surged past Rs81 trillion, placing an estimated burden of around Rs325,000 on each citizen, officials revealed during a meeting of the Senate Standing Committee on Economic Affairs.
According to officials from the Economic Affairs Division, domestic debt accounts for more than Rs55 trillion of the total, while external liabilities have exceeded Rs26 trillion.
The committee was informed that the primary driver behind the rising debt is the persistent fiscal deficit, which necessitates borrowing to bridge the gap. Officials added that the depreciation of the Pakistani rupee has further contributed to the increase in debt levels.
Members of the committee expressed concern over attributing responsibility for economic policies to Parliament. The committee chairman criticised the State Bank, alleging that legislation passed through Parliament was undermining the country’s economic stability. It was decided that the Governor of the State Bank would be summoned in the next session to provide an explanation.
During the meeting, it was also disclosed that the Khyber Pakhtunkhwa government had obtained a loan of Rs300 billion which remains unutilised, while interest payments on the amount continue to be made.
