Industry worried over 400% rise in debt

Debt and liabilities surge to Rs29.8 trillion

ISLAMABAD: Islamabad Chamber of Commerce and Industry (ICCI) President Sheikh Amir Waheed has expressed concern over 400% rise in Pakistan’s public debt over the past decade.

As the cost of debt servicing was taking a heavy toll on the economy and resultantly development and public welfare projects were suffering badly, the ICCI chief emphasised that the government should devise an out-of-the-box strategy, in consultation with the private sector, to free the country of the need for borrowing.



Quoting data of the State Bank of Pakistan, Waheed pointed out that Pakistan’s public debt was standing at Rs4.8 trillion in 2007, but by the end of June 2018 the debt and liabilities surged to Rs29.8 trillion. 

Published in The Express Tribune, September 4^th, 2018.

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