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Pakistan’s economy in bad shape; debt, liabilities up

Pakistan currency value declined considerably this year.
Pakistan currency value declined considerably this year.

Pakistan’s economy continues to be in bad shape and country’s debt and liabilities have increased by Rs1,128 billion (Pakistan currency) during the first three months of Nawaz Sharif’s rule.

Islamabad, Dec 7/Nationalturk – Pakistan’s economy continues to be in bad shape despite taking over of new elected government in the country in June this year. The country’s debt and liabilities have increased by Rs1,128 billion (Pakistan currency) during the first three months of Nawaz Sharif’s rule.

“The total public debt and liabilities in country by June-end this year were Rs 16,228 billion. It has risen to Rs17,356 billion in September,” revealed figures provided by State Bank of Pakistan (SBP).

Pakistan’s newly elected PML-N government led by Nawaz Sharif took over in June and since then the country’s economy has not shown any signs of improvement.

‘Every Pakistani burdened with debt of Rs 96422’

“In view of September 2013 figures of debt and liabilities, every Pakistani was is burdened with debt and liabilities of  Rs96,422 as against Rs37,172 in early 2008. This burden on each Pakistani in 2012 was around Rs 80,000,” reveals the data.

The foreign exchange reserves of the State Bank of Pakistan, which were US$ 11.01 billion in June 2013, have depleted to US$3.04 billion.

“There is a reduction of US$8 billion in the SBP’s foreign exchange reserves, which definitely paints gloomy day for country’s economy in coming days,” said financial experts.

‘Govt making new policy to woo investors’

Concerned over the bad shape of country’s economy, Pakistan’s Finance Minister Ishaq Dar has said the government was mulling a new policy to provide incentives to investors.

“Pakistan is following the benchmarks agreed with the IMF, which is in line with its plans to carry out reforms in the economy. The government would have carried out most of the reforms agreed with IMF irrespective of the programme as it was a part of its manifesto to revive the economy of Pakistan,” he told German Ambassador to Pakistan Dr Cyrill Nunn during a meeting.

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Faiz Ahmad / NationalTurk Pakistan News

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