Total debt crossed over 28 Billion Dollars in 2018 | Goonj

Total debt crossed over 28 Billion Dollars in 2018

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ISLAMABAD – Details of the debt taken by Pakistani government has been presented in the Senate. According to that list, total debt of Pakistan crossed the 28 Billion dollars limit this year.

The details were aimed at the value of how much debt Pakistan has taken in the past 10 years when Asif Ali Zardari led PPP (2008-2013) and Mian Muhmmad Nawaz Sharif led PML-N (2013-2018) were in power. The Finance Ministry has informed the upper house of all these details along with the tax collections in the economic year of 2017-2018 and the amount of money pakistanis have in foreign bank accounts.

According to Finance Ministry, the total debt of Pakistan till the time General Perviaz Musharaff’s regime ended in 2008 was 60 billion dollars. When Asif Ali Zardari led PPP came in power in 2008, they left the government with a total debt of 120 billion dollars in 2013. Nawaz Sharif led PML-N raised this bar to 280 billion dollars in 2018 when PML-N left the government.

Finance Minister Asad Umer also gave a briefing in the Parliament’s Standing Committee on Finance headed by Senator Farooq H Naik in which he told that debt free oil deliveries from Saudi Arabia will start from June next year and Saudi Arabia, UAE and China will give 120 Billion Dollars worth of Aid which will be sufficient for the internal circulatory debt of one year of our economy. Finance Minister Asad Umer has also hinted at another Mini Budget somewhere around January which will revisit the taxation on some of the items under consideration. The Finance Minister also told that the total amount from Saudi Arabia is 60 Billion Dollars and the negotiations from UAE and China are around the completion point.