Tuesday, January 19, 2021

Pakistan’s External Liabilities Touch a Whopping $106 Billion For 1st Time in History

There seems to end to Pakistan’s economic crisis as the nation’s external liabilities reached the highest number for the first time in history at a whopping $106 billion.

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Same is the situation of internal debt. If combined external debt and liabilities and internal debt it Rs 35095 billion collectively, according to Pakistan’s GeoTV. This number forms about 75 percent of GDP which under the constitution should not be more than 60 percent of GDP.

A glance of official documents showed that Pakistan external debt at the end of the third quarter stood at $74.17 billion and liabilities were $31.67 billion. This number is highest as far as external debt and liabilities are concerned.

Last year on March 31st these loans were $92.288 billion which showed that Pakistan pile-up her external loans by $13.6 billion. A look at break up at major loans showed that Pakistan owed to Paris club $84.4 billion, which include multilateral, euro and sukuk bonds, military debt, commercial loans and Saudi Fund for development. Then IMF’s loan is $5.77 billion.

Former Federal Minister Ahsan Iqbal talking to this correspondent said Pakistan has raised loans’ issue in the standing committee on finance and we will take up this issue in the parliament too.

On the other side, Pakistan has to repay $1.273 billion before 30 June 2019. And before 31st December will have to pay $4.44 billion which also include worth one billion dollar bond which will mature before December this year.

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