Pakistan’s total debt has reached a staggering Rs 63,399 trillion by the end of November in the fiscal year 2023-24 amid the country’s escalating financial challenges.
During the tenure of the Pakistan Democratic Movement (PDM) and the caretaker government, Pakistan’s total debt was over Rs12.430 trillion. As of November 2023, the country’s overall debt burden had surged to Rs63.390 trillion. This includes Rs40.956 trillion in domestic loans and Rs22.434 trillion in international loans.
The total debt stood at Rs50.959 trillion in November 2022, indicating a rapid rise in the nation’s financial liabilities.
Pakistan’s Commitments to the IMF
In the context of these financial pressures, Pakistan has assured the International Monetary Fund (IMF) for a fresh loan programme.
According to the Memorandum of Economic and Financial Table, Pakistan aims to increase its foreign reserves to $13.6 billion in FY2024 -25 to qualify for the new loan programme from the IMF. Additionally, Pakistan plans to seek a rollover of a $6.34 billion loan in the next financial year and aims to boost foreign investment by $1.31 billion, as stated in the MEFPT.