Gov’t retires record external debt of $9.5bn in a year: Hammad

Responding to the opposition’s claim of obtaining domestic loans worth Rs 7000 billion or Rs 10,000 billion during the first year of PTI government, Hammad Azhar said the figures were highly exaggerated.

Islamabad, June 28, 2019: Minister of State for Revenue Hammad Azhar said on Friday that the Pakistan Tehreek-i-Insaaf (PTI) led government had retired record foreign loans worth of US $ 9.5 billion during the current fiscal year which had never been done by any government in a single year.

On point of personal explanation in National Assembly, Hammad Azhar said during the first year of PTI government, external debts were increased by the US $2.7 billion whereas, in last year of PML-N government, foreign loans were surged by over US $7 billion.

“Pakistan’s total debt and liabilities had risen from Rs 6100 billion to Rs 31000 billion in June 2018,” he said adding that the government had already shared the debt profile in the house in which all figures of debt were explained.

The minister pointed out that last year, Pakistan’s debt profile was changed by 146 percent and long term commercial loans were converted by 146 percent to short term commercial loans which resulted in extra burden on the current government to repay the debts as those debts were to be matured this year and next year.

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