Pakistan
Pakistan's external debt and liabilities swell to $115.7 billion
Islamabad: Pakistan's Central Bank data has shown the country's foreign debt and liabilities increased $3 billion or 2.6 percent during the six months period ended in December last.
Till December, external debt and liabilities totaled $115.7 billion compared to $112.7 billion till June-end. Total external debt and liabilities were $110.7 billion till December 2019, according to the State Bank of Pakistan (SBP), reports The News International.
Economist Ashfaque Khan told the newspaper external debt and liabilities (EDL) were increasing sharply even before the start of the coronavirus pandemic due to falling exports, sharp depreciation of exchange rate, tight monetary policy and a decline in non-debt creating inflows.
“However, COVID-19 has further intensified the country’s debt situation,” said Khan.
“When Pakistan is in the IMF’s [International Monetary Fund] program, the debt accumulates rapidly,” Khan told the newspaper.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
