Finance Ministry Presents Detailed Report On Govt Loans To NA

ISLAMABAD: (HRNW) The Finance Ministry has presented a detailed report on the government loans to the National Assembly (NA).

The report stated that the total amount of government loans till February 2023 was Rs56 trillion. The government invested Rs3,472 billion in bonds and issued T-bills worth Rs21,152 billion.

Moreover, Sukuk bonds worth Rs2,684 billion were issued by the federal government, adding the Central Directorate of National Savings (CDNS) worth Rs3,297 billion were also issued.

The government acquired external loans worth Rs22,271 billion and Rs2,041 billion loan was acquired in terms of global bonds.

Commercial loans worth Rs1,166 billion, Rs6,911 worth of bilateral loans and Rs11,653 billion worth of multilateral loans were acquired.

In March, it was learnt that a report issued by the State Bank of Pakistan (SBP) stated that the country’s overall debt rose sharply by 38.1% to Rs54.94 trillion by the end of January 2023 as compared to the year-ago period.

According to the report released by the State Bank of Pakistan (SBP), Islamabad’s total debt has swelled to Rs54.94 trillion. The report further mentioned that the overall debt increased by Rs3.94 trillion in December 2022.

Pakistan’s foreign debt was Rs20.68 trillion in January 2022, the SBP report said.

The report said the rise in debt could be attributed to massive devaluation in the local currency against the United States dollar (US Dollar).

Meanwhile, cash-strapped Pakistan communicated to the IMF that it has requested China to roll over its $2 billion deposits for another year as the country awaits a much-needed $1.1 billion tranche of funding from the global lender.

Pakistan communicated to the International Monetary Fund (IMF) its plans to raise its dwindling foreign exchange reserves to $10 billion by the end of June.

Pakistan informed the IMF about implementing various measures on the Fund’s request for the release of the $1.1 billion tranches under the $7 billion loan facility.