GDP: Foreign debt equals 74% of Pakistan’s Economy

The Ministry of Finance has released a report on domestic debt, according to which total foreign debt is equivalent to 74.9 percent of the country’s Gross Domestic Product (GDP).

According to the reports, the Ministry of Finance has released the details of the total domestic debt. The ministry has stated that the volume of foreign and domestic debt of Pakistan is 253 billion dollars.

As per the details of the report released by the Ministry of Finance, Pakistan’s total foreign debt is 86 billion dollars, while the total domestic debt is 167 billion.

The report of the Ministry of Finance covers the period till June 2021. It said that the volume of foreign loans in total loans is 34% while the volume of domestic loans is 66%.

The finance ministry says all loans are estimated at PKR 157.3 per dollar, accounting for 74.9 per cent of total foreign debt. This accounts for the fact that the loans are equal to 74.9% of the total GDP of the country.

According to the Ministry of Finance, Pakistan borrowed  7.38 billion dollars from the International Monetary Fund (IMF), 10.72 billion dollars from the Paris Club, 33.83 billion dollars from multilaterals, 18.13 billion dollars from the World Bank and 18.13 billion dollars from the Asian Development Bank. The debt volume of Pakistan is estimated to be 13.42 billion dollars.

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