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Record increase in govt loans reported in 2015: ministry’s stats

Latest Update: December 31, 2015 | 307 Views
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ISLAMABAD: Government, according to statistics used taxes collected from the people to pay off debts and interests in 2015 while economy remained in quagmire.

According to the statistics released by the Finance Ministry, total debts stood above Rs 181 trillion in the first quarters of 2015 while in the same period of the previous Fiscal Year (FY) the total was Rs 161 trillion.

Economic experts have revealed that development packages are shaped up from loans every year. Analysts have further foreboded that around Rs 13 trillion would be spent in 2016 to pay debts and the menace is nowhere near to end.

If the country continues to draw loans with the frequency, Pakistan will be under foreign debts worth $90 billion by 2018. Currently Pakistan owes around $65 billion to foreign organisations.