Pakistan accumulates record public debt of $47.5 billion within first year of Imran Khan-led government, say reports

Asian News International

Islamabad: The Imran Khan-led Pakistani government has accumulated a record public debt of PKR 7,509 billion ($ 47.5 billion) during its first year in power, as per local media reports.

The foreign debt incurred by Pakistan's Tehreek-e-Insaf (PTI) government from August 2018 to August 2019 stood at PKR 2,804 billion ($ 81.4 billion) while the internally accumulated figure stood at PKR 4,705 billion, Geo News reported.

As per the State Bank of Pakistan, the total public debt stood at PKR 31.786 trillion ($ 0.20 trillion) at the end of June 2019.

Additionally, the government has projected public debt to increase by 47 percent to PKR 45.57 trillion ($ 0.29 trillion) in five years.

In April this year, Pakistan finance minister Asad Umar had said that Pakistan's basic debts have reached alarmingly high levels and that the country is near bankruptcy.

The Pakistani PM has paid a visit to many countries seeking financial help for Islamabad's ballooning economic crisis ever since coming to power last year.

Several countries, including Saudi Arabia and China, have provided bailout packages to Islamabad in a bid to save its crippling economy.

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