The Pakistan government headed by Prime Minister Imran Khan has broken all previous records in borrowing money in its first year, official data states. In the one year since Imran Khan's government came to power, the total debt of the country showed an increase of Rs 7,509 billion (PKR).
According to the data, the government has borrowed Rs 2,804 billion from foreign sources and Rs 4,705 billion from domestic sources between August 2018 and August 2019.
Reports said that the State Bank of Pakistan has sent the official data to the Prime Minister's Office. The data shows a 1.43 per cent increase in the public debt of the country in the first two months of the fiscal year. The federal government's debt is currently at Rs 32,240 billion from Rs 24,732 billion in August 2018.
The report also said that the government's tax collection in the first quarter of the current fiscal was Rs 960 billion but the target was Rs 1 trillion.
The Pakistani government has additionally projected public debt to increase by 47 per cent to Rs 45.57 trillion in five years.
Pakistan's economy has been suffering despite bailout packages provided by various countries including Suadi Arabia and China. Qatar provided a bailout package of Rs 3 million in June, becoming the fourth gulf state to help Pakistan in the past year.
China had provided USD 4.6 billion in the form of deposits and commercial loans. Saudi Arabia gave USD 3 million cash deposit and USD 3.2 billion oil facility on differed payment. The UAE also had provided USD 2 billion as a cash deposit earlier.