Finance Ministry Admits Govt Debts Increased in Last 4 years

Finance Ministry Admits Govt Debts Increased in Last 4 years

Islamabad (September 23, 2017): The finance ministry admitted in its 4-year performance report that the government loans have been increased by 21.5 billion dollars during the period, however some reasonable success in economic indicators was witnessed.

According to the ministry spokesperson the total volume of government debts has reached at 19610 billion rupees, however it turned down the misconception that government loans reached at 25000 billion rupees as it included the debt of private sector as well.

The Finance Ministry has strongly rejected misconceptions being created in a section of media about the state of country’s economy.The spokesperson  said the ratio of country’s economy in debts is 61.6 per cent. He also mentioned that the foreign debts has not reached 82 billion dollars as the real foreign debt is 62.50 billion dollars that was stood at 48 billion dollars four years ago when government taken over the charge.

Ministry clarified that the other debts were taken by the private and banking sectors.

He said Pakistan’s economic indicators are performing well which has been acknowledged internationally and led to an improvement in country’s credit rating.

Report explained that the economic growth has been jumped from 3.5 to 5.6 percent during the present government tenure. The limit for the availability of loans for private sector has reached at 747 billion rupees.Some positive developments have taken place on the external front in recent months. Remittances, exports and foreign direct investment have grown since the beginning of 2017-18.

However, the trade deficit for July-August widened to over $6bn, which is reflective of a poor balance of trade going forward.

The inflation rate or price hike has dropped to 2.9 percent after several decades.

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