Pakistan foreign debt reaches $90 billion; highest ever in history

MG News | May 15, 2018 at 10:02 PM GMT+05:00

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Pakistan’s total foreign debt reaches historical levels in quarter ended March 31, 2018 breaking all previous records after it reached $ 91.761 billion.

During the period between January to March 2018 Pakistan’s External Debt rose by $ 2.598 billion. In comparison to that, Pakistan’s External Debt during the ten months between June 2017 to March 2018 rose by $ 8.330 billion.

Pakistan’s Foreign Debt as of June 30, 2017 stood at $ 83.431 billion. However, due to newly employed method of short-term foreign borrowing coupled with other liabilities, foreign debt has soared heights unparalleled in Pakistan’s economic history.

Of the entire sum, total debt during the year March, 2017 to March, 2018 increased by $14.853 billion contributing more than 16.60 percent of the entire debt.

On March, 2017 Foreign Debt stood at around $77.908 billion but absolute lack of mismanagement and illogical policy making have taken the debt to unmanageable level.

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