Pakistan’s debt rose by over $84 billion in two years

by index360

ISLAMABAD: Pakistan’s debt liabilities have increased by Rs14,000 billion in the last two years of incumbent government of Pakistan Tehreek-e-Insaaf, the National Assembly was informed on Thursday.

When translate in dollar terms, this debt figure surpasses a whopping $84 billion mark.

Out of this figure, over $3.552 billion was received from various bilateral and multilateral development partners to meet the challenges created by the Covid-19 pandemic.

The finance ministry presented details of national debts, acknowledging in its written reply an increase of Rs14,000 billion in the last two years.

The details of foreign loans and grants in connection with Covid-19 emerged in response to a question of MNA Maulana Abdul Akbar Chitrali, who has asked the minister for economic affairs to apprise the house about the aid received by the government from different countries and non-governmental organizations after the spread of pandemic in Pakistan.

In his reply, the Minister for Economic Affairs Khusro Bakhtair informed the lower house of parliament that the government of Pakistan received foreign assistance amounting to $3,552.11 million as loans and grants from various bilateral and multilateral development partners to address the health related and socioeconomic challenges caused by the Covid-19.

Through the reply, the minister stated that the G-20 countries provided a relief of $2,012.47 million through debt service suspension to provide fiscal relief in the context of pandemic.

For project financing, Bakhtiar stated that the World Bank committed an amount of $300 million; Asian Development Bank $350 million; IsBD $70 million, OPEC fund for international development $50 million; and France (AFD) $47 million as loans.

Of the total $817 million, he maintained, a total of $262 million was disbursed among the Ministry of National Health Services, Regulation and Coordination, NDMA, BISP, NDRMF, climate change ministry, and provincial governments.

The reply revealed that the IMF provided $1,386 million, the Asian Infrastructure Investment Bank $750 million ad ADB $500 million as loans in the form of budgetary support.

It added that the beneficiary of the total amount of $2,636 million by these three institutions was the Finance Division.

In grants category, Bakhtiar stated that the ADB provided $7.78 million, IsBD $0.42 million, European Union $19.85 million, United Nations $0.40 million, Japan $28.33 million, China $4 million, USA $31.87 million, UK $3.22 million, Canada $2.39 million and South Korea $0.85 million, making the total $99.11 million.

The document shows that only $45.26 million was disbursed among different entities.

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