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Pakistan Reader# 407, 17 November 2022

Economy:Debt reaches PKR 62.5 trillion



Joel Jacob

On 16 November, statistics released by the central bank show that Pakistan’s total debt and liabilities peaked, by an unsustainable 24 per cent to PKR 62.5 trillion at the end of September 2022 pushing the country into unchartered territory. According to the State Bank of Pakistan (SBP), the total liabilities of the country, mainly government debt, surged by PKR 12 trillion, or 23.7per cent, compared to a year ago. The figures reported in the central bank’s latest debt bulletin suggest that no political party has a solution to our growing debt problems. 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. (Shahbaz Rana, “Pakistan’s debt skyrockets to Rs62.5tr,” The Express Tribune, 17 November 2022)

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