Islamabad
The Islamabad Chamber of Commerce & Industry (ICCI) has expressed grave concerns over the 35 percent increase in Pakistan’s total debt and liabilities in one year period and called upon the government to formulate a comprehensive strategy to rid the country of this serious issue as the mounting burden of debt and liabilities would plunge the country into severe debt trap and jeopardize the future of our posterity. In a joint statement on Monday, President ICCI Ahmed Hassan Moughal and Vice President Rafat Farid Senior said that Pakistan’s total debt and liabilities were Rs. 29.8 trillion by June 2018 that have surged to Rs.40.2 trillion by June 2019 showing an increase of Rs.10.4 trillion in just one year that should be a cause of concern for policymakers. He said that debt in percentage of GDP has crossed the red line of 100 percent to reach 104.3 percent. From 2013 to 2018, total public debt and liabilities of Pakistan increased from Rs.14 trillion to Rs.29 trillion, indicating a hike of Rs15 trillion, he added. However, the President ICCI said that in just one-year tenure of the PTI government, total debt and liabilities have increased by Rs10.4 trillion, which was worrisome. He said that if this unhealthy trend of heavy borrowing continued, Pakistan’s total debt and liabilities could exceed Rs.80-trillion-mark over the next few years that would make the economic future of the country bleaker.—INP
