Sat, 25 Jun 2022

Islamabad [Pakistan], May 16 (ANI): The erstwhile Pakistan Tehreek-e-Insaf (PTI) government tops the list amongst the last four administrations in the country with the highest external borrowing of around USD 52 billion in its three-year rule, a media report said.

PTI's pole position is followed by the Pakistan Muslim League (PML-N) which borrowed USD 49.761 billion dollars in five years. Pakistan Peoples Party (PPP) was in third place for borrowing a total of USD 25.008 billion in five years, Business Recorder, a Pakistani newspaper said citing data collected from Pakistan's Ministry of Finance and Economic Affairs Division.

Pakistan's external debt and liabilities (outstanding) reached an all-time high of USD 130.6 billion by end-December 2021, the report said.

During the PTI government, foreign debt rose by USD 35.3 billion or 37 per cent (till December 2021), while it was USD 95.2 billion when the PTI government came to power, the report further said.

The PTI government's domestic borrowing was also the highest when compared to the other three governments.

The PTI government borrowed PKR 9,136 billion during its tenure compared to PML-N's PKR 6,896 billion, and PPP's PKR 6,919 billion, the report said.

Meanwhile, in its recent 'Pakistan Development Update', the World Bank has highlighted the structural weaknesses of Pakistan's economy which include low investment, low exports, and a low productivity growth cycle.

Further, high domestic demand pressures and rising global commodity prices would lead to double-digit inflation in the country, reported Islam Khabar.

Moreover, the growth momentum is not expected to pick up in Pakistan in the near future as a sharp spike in the import bill would also impact the Pakistani Rupee adversely, the report said. (ANI)

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