Each Pakistani indebted of Rs. 0.115 mln
ISLAMABAD: Each Pakistani citizen owes Rs. 115,000 loan, the central bank disclosed in its recently released figures.
According to the statistics released by the State Bank of Pakistan (SBP), the volume of the loans borrowed by the country has increased to Rs. 23 trillion by the end of December of FY16-17, which is 10 percent higher than the last year.
The State Bank has stated that the volume of the outstanding foreign debts against Pakistan has reached to Rs. 78 trillion.
According to the released figures the volume of the loans has been 69 percent of the gross national income, when the fiscal laws demand that the loans not exceed to the 60 percent of the GNP.
A large portion of the government revenues spent on repayment of the loans, economic experts said. The government had allocated 1/3 of the previous year’s budget for the repayment of the borrowed money, they further said.