Pakistan's debt to rise by Rs 2 trillion | world | Hindustan Times
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Pakistan's debt to rise by Rs 2 trillion

world Updated: Feb 03, 2009 15:57 IST

Pakistan's public debt is expected to rise by a staggering 34 per cent or Rs 2 trillion ($25 billion) in the current fiscal largely due to the massive depreciation of the rupee and external loans obtained for maintaining the balance of payments.

The public debt was at Rs.5.9 trillion at the beginning of the fiscal on July 1, 2008.

Quoting from figures compiled by the finance ministry, Dawn on Tuesday said the foreign currency debt will reach Rs 4.8 trillion and the domestic currency debt will be at Rs 3.1 trillion by the end of the fiscal June 30.

The public debt share as percentage of GDP will rise to 59 per cent from 56.3 per cent in the last financial year. This will be in violation of the Fiscal Responsibility and Debt Limitation Act, 2005 that mandates a gradual reduction in the public debt.