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Pakistan’s external debt hits highest level of history

ISLAMABAD – Pakistan’s total debt as of November 2018 was reported at Rs26 trillion, SBP Report has revealed.

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Domestic debt was reported at Rs17 trillion whilst external debt amounted at Rs9 trillion.

Total debt was up 20% (9% since June) and domestic debt grew 10% (6% since June). External debt was significantly up by 50% (17% since June) touching Rs9.12 trillion and in dollar terms external debt was up 13% (1% since June).

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The federal government’s debt rose to Rs2.24 trillion in the first five months (July-December) of the current financial year 2018-19, due to a shortfall in revenues and sharp depreciation of the rupee.

During July-November of FY18-19, the federal government added approximately Rs15 billion a day to its debt which includes the 3.5 months tenure of the newly installed Pakistan Tehreek-e-Insaf (PTI) government.

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The debt procured by the federal government from SBP soared by 87% in July-November FY18-19, touching a record Rs6.73 trillion at the end of November 2018.

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