Pakistan’s debt burden climbs to $6.06 bln during current FY

ISLAMABAD: Pakistan unveiled the latest figures detailing the international debt burden which reached a whopping $6.067 billion during the ongoing fiscal year, ARY News reported on Friday.

The Economic Affairs Division released the data during the initial eight months of the current fiscal year according to which the external debt of Pakistan continued to rise and reached a whopping $6.067 billion.

Meanwhile, it has been projected that by the end of the financial year, the country’s external debt is expected to surpass $17.038 billion in debt.\

READ: United States Supports Pakistan’s Efforts to Break Free from Debt Cycle

Despite these substantial figures, the Economic Affairs Division highlighted that Pakistan’s actual debt acquisition has fallen short of the initially estimated budget. From July to February, Pakistan secured $848 million in bilateral loans.

Furthermore, Saudi Arabia extending $595.1 million to facilitate oil-related arrangements. Moreover, China also played a pivotal role by providing loans exceeding $67.3 million to bolster Pakistan’s economic endeavors.

Additionally, the Economic Affairs Division disclosed that Pakistan has reaped significant benefits from initiatives such as the Naya Pakistan Certificate, accumulating more than $686.8 million through this avenue, as well as secured $2 billion under the Time Deposit scheme.