Pakistan’s debt shoots up to Rs62.5tr: SBP

KARACHI: Pakistan’s total debt and liabilities reached Rs62.5 trillion at the end of September 2022, a report released by the State Bank of Pakistan (SBP) on Thursday said. 

According to the State Bank of Pakistan (SBP), the total liabilities of the country, mainly government debt, surged by Rs12 trillion, or 23.7 pre centas compared to the last year.

The report further said that the debt and liabilities were Rs51.1 trillion, last year, which have now reached to whopping Rs62.5 trillion after an increase of 12 trillion.

With the mounting number of loans, coupled with a lack of resources to repay, the country’s destiny has been placed in the hands of international financial institutions and global powers.

Read more: Rupee falls further against US dollar as political woes persist

Meanwhile, the US dollar continued its upward trend against the rupee for the fifth consecutive session amid the country’s growing political instability.

According to the Forex Association of Pakistan, the dollar surged by 9 paisas against the local currency in the intraday trade in the interbank. The greenback is trading at 222.50.

In the open market, the US dollar is being sold between Rs 227 to 229, said forex dealers.