ISLAMABAD: The Pakistan Muslim League-Nawaz (PML-N) government has taken heavy loans amounting to Rs 36,000 billion from domestic and foreign sources to meet the fiscal deficit, while Rs 853bln has been paid to clear the interest on the loans.
Copies of official documents available with Pakistan Today transpired that total net domestic debt on December 31, 2016, was Rs12, 310.1b, while foreign debt was Rs6, 063.6b and Rs18,373.7b was the net public debt.
Year-wise loans taken by the government from the State Bank of Pakistan since January 1, 2013, to March 2017 disclosed that the incumbent regime has totally borrowed above Rs22042.2b in an apparent bid to improve the economy of the country.
During January to June 2013, the government borrowed Rs2274.7 bln, while Rs5925.4bn from July 2013 to June 2014, Rs5210.6b from July 2014 to June 2015, Rs4294.3b from July 2015 to June 2016 and Rs4337.2b from July 2016 to March 2017 from the SBP, said a copy of the official documents.
Similarly, the foreign debt of Pakistan on June 30, 2013, was Rs4, 796.5b, while Rs4, 071.5b on June 30, 2014, and Rs5, 181.8b on June 30, 2015. Also, the foreign debt stood at Rs6, 051.1b on June 30, 2016.
According to available the breakup of the net domestic and public debts, the net domestic debt on June 30, 2013, was at Rs8, 686. 2b, while Rs9, 551.3b on June 30, 2014, and Rs10,804.8b on June 30, 2015. The net domestic debt was at Rs11,773.5 b on June 30, 2016. Moreover, the net public debt was Rs13, 482.7b on June 30, 2013, while Rs14,622.8b on June 30, 2014, and Rs15, 986.6b on June 30, 2015. Also, the net public debt was Rs17,824.6b on June 30, 2016.
The PML-N took these loans to re-fix the economy and bring macro-economic stability. Despite tall claims of the government, heavy loans have ostensibly caused an additional burden on the economy of the country.
