Pakistan’s foreign debt load has reportedly increased, and by the end of August of the fiscal year 2023–24, it had reached an astounding Rs 63,966 billion. This information was reported by ARY News. According to sources, at a briefing on the nation’s debt, it was revealed that, by the end of August, foreign debt had increased to $24,174 billion, while local debt had reached Rs 39,791 billion.
According to the information provided in the briefing, there has been a notable rise in total loans of Rs 14,506 billion in the last year. It’s important to remember that in August 2022, there were Rs 49,571 billion in loans. In the same time frame, local debt totaled Rs 32,152 billion, while foreign debt totaled $18 trillion.
In a related development, Pakistan has been ordered by the International Monetary Fund (IMF) to put in place a plan for tax collection that will bring in Rs 6,670 billion by June 2024. Pakistan was visited by an IMF review team to evaluate the economic performance of the nation during the first three months of the current fiscal year, which runs from July to September. In its projection report, the IMF asked for a comprehensive report on tax collection across the board.