How much is the total debt of Pakistan?
According to data released by the State Bank of Pakistan (SBP), Pakistan has a staggering Rs64 trillion in internal and external debt.
This means that each Pakistani citizen owes Rs250,000 in debt.
On Thursday, the SBP released data on the federal government’s loans.
How much is the total debt of Pakistan?
According to the data, the federal government will take out a new Rs2.218 trillion loan in August 2023.
As a result, domestic loans to Pakistan have increased by 24% to Rs39.792 trillion.
Similarly, the country’s external debt burden increased from 39% to Rs24.175 trillion.
According to SBP data, the cost of the federal government’s debt servicing increased by 44% in the first two months of the current fiscal year to Rs1.534 trillion.
The nation’s economy is gravely threatened by the nation’s rising debt level.
The government’s budget is under strain as a result of the high cost of servicing this debt, making it difficult to fund critical initiatives such as healthcare and education.
The State Bank of Pakistan serves as Pakistan’s central bank.
Its Constitution, as originally outlined in the State Bank of Pakistan Order 1948, remained largely unchanged until 1 January 1974, when the bank was nationalized and its functions were significantly expanded.
The State Bank of Pakistan Act 1956, as amended, serves as the foundation for its operations today.
The headquarters are located in the financial capital of the country Karachi.
The bank has a fully owned subsidiary with the name SBP Banking Services Corporation (SBP-BSC), the operational arm of the Central Bank with Branch Office in 16 cities across Pakistan, including the capital Islamabad.
