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The Finance Ministry of Pakistan has disclosed alarming figures to the Senate, revealing a substantial increase in the country’s national debt over the past three years. The debt surged by a staggering Rs31.5 trillion during this period, according to the ministry’s written response.
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The breakdown of the debt increase is as follows:
- Fiscal year 2021-22: Rs9.4 trillion
- Fiscal year 2022-23: Rs13.7 trillion
- Fiscal year 2023-24: Rs8.4 trillion
In addition to the debt figures, the Finance Ministry reported a significant rise in taxpayer registration. In 2023, 3.5 million new taxpayers were added to the national registry across Pakistan.
The Federal Ministry of Economic Affairs also released data on political parties’ borrowing and repayment history with the International Monetary Fund (IMF):
- Pakistan Peoples Party (PPP) borrowed the most, with over $7.72 billion in loans.
- Pakistan Muslim League-Nawaz (PML-N) took the second spot, borrowing $6.48 billion.
- Pakistan Tehreek-e-Insaf (PTI) borrowed $6 billion, just $480 million less than PML-N.
Regarding repayments:
- PML-N leads in loan repayments, having returned over $5.92 billion to the IMF.
- PTI paid the highest interest, with $791 million in a single term.
These figures highlight the ongoing financial challenges faced by Pakistan and the varying approaches of different political parties to managing the country’s debt and fiscal responsibilities.
