31 Jul '17, 6am

Nawaz added whopping $35b to Pakistan’s debt -

Former prime minister Nawaz Sharif’s government obtained a whopping $35 billion in new loans during his four-year tenure to repay maturing debt and keep official foreign currency reserves at a level which could give a sense of economic stability to investors. About $17 billion or nearly half of the total loans obtained from July 2013 to June 2017 were utilised to repay the previous debt, shows statistics maintained by the finance ministry. The government added net $18 billion to the country’s total external debt and liabilities – the highest amount added by any government during its tenure. From July 2013 to June 2017, Pakistan’s total external debt grew by 30% to $79.2 billion, according to an International Monetary Fund (IMF) report. Out of this, external public debt was about $62.3 billion – also up by 28% compared with the figure four years ago, shows the IMF report. T...

Full article: https://defence.pk/pdf/threads/nawaz-added-whopping-35b-t...

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