Country owes Rs41,000 billion in debts, Senate informed

The PTI government on Friday submitted to the Senate details of the domestic as well as foreign debts it had borrowed up till August 31, 2021, reported 24NewsHD TV channel. 

According to details submitted by the Ministry of Finance in the House, the amount of the loans borrowed from domestic lenders, which stood at Rs16,000 billion in June 2018 when the PTI took office exceeded to Rs26,000 billion in August 2021; hence registering an increase by over Rs10,000 billion. 

On the other hand, an increase of Rs6,500 billion was witnessed in the foreign loans the government had borrowed up till August 31, tell the documents.  

Hence the foreign loans, which stood at Rs8,500 billion in June 2018, exceeded Rs14,500 billion in August 2021.  

The total amount of debts the country owed to both local and foreign lenders in June 2018 was Rs25,000 billion, which swelled to Rs41,000 billion in August 2021.

Hence, the loans increased by Rs16,000 billion in the first three years of the present government. 

Giving details of the interest paid by the government during the last three years, the ministry of finance informed the upper House that Rs7,460 billion had been paid under the head of interest since June 2018. 

The ministry claimed that visible reduction had been noticed in the amount of loans borrowed by the government from different sources.

Reporter Waqas Azeem