Business

ICCI laments Pakistan’s huge debt, liabilities

'Every Pakistani owes a debt of Rs144,256, which is a cause of huge concern'

Our Correspondent August 18, 2018

quot instead of depending on debt the new government should focus on indigenous resources and adopt austerity measures to control unnecessary expenditures quot photo file

"Instead of depending on debt, the new government should focus on indigenous resources and adopt austerity measures to control unnecessary expenditures." PHOTO:FILE

ISLAMABAD: Islamabad Chamber of Commerce and Industry (ICCI) Senior Vice President Muhammad Naveed Malik has lamented that Pakistan's total debt and liabilities have surged to Rs29.861 trillion while external debt and liabilities have crossed $95 billion as of June 30, 2018.

Pakistan’s debt, liabilities swell 83% to Rs30tr

"This indicates that every Pakistani owes a debt of Rs144,256, which is a cause of huge concern," he said and called on the new Pakistan Tehreek-e-Insaf (PTI) government to frame a new strategy in order to eliminate debt and liabilities as the country could not achieve sustainable growth without coping with the debt pile.

Circular debt of Rs1.1tr passed on to new govt

"Pakistan has spent a hefty $7.479 billion on debt servicing in 2017-18 which shows that the debt burden is consuming lots of financial resources," he said. "Instead of depending on debt, the new government should focus on indigenous resources and adopt austerity measures to control unnecessary expenditures."

Published in The Express Tribune, August 18^th, 2018.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.