- Pakistan’s economy continues to be in a quagmire.
- The IMF rejects the request of the Imran government to borrow.
- Pakistani Prime Minister Imran Khan describes the rise in debt as a “national security issue.”
Pakistani economic news: a day after Pakistani Prime Minister Imran Khan admitted that his government does not have enough resources to spend on human welfare, official data showed the country’s total debt and liabilities topped a whopping 50.5 trillion rupees … This is much more than Pakistan’s gross domestic product (GDP).
According to figures released by the State Bank of Pakistan (SBP), the Imran Khan regime alone brought in a debt of Rs 20.7 trillion.
In June 2018, every Pakistani owed Rs 144,000, which increased to Rs 235,000 by September 2021, an additional burden of Rs 91,000 or 63% during the Tehreek-e-Insaf (PTI) reign, Express Tribune reports citing the data. SBP.
IMF rejects borrowing request
Further insulting the Imran Khan government, the International Monetary Fund (IMF) rejected Pakistan’s request to “keep the door open for loans.”
A global lender rejected a proposal from the Imran government to allow him to borrow 2% of GDP in the fiscal year. The IMF has not budged, despite the government’s view that it is its constitutional right to borrow to finance its activities, the Express Tribune reports.
“Helpless” Imran Khan
Pakistani Prime Minister Imran Khan earlier this week expressed helplessness in the country’s economic recovery, saying his government was short on funds.
“Our biggest problem is that we don’t have enough money to run the country, which is why we have to take out loans,” Khan said.
He said that due to lack of resources, the government has nothing to spend on the welfare of the masses. Khan said surging foreign debts and low tax revenues have become a “national security” problem.