Parliamentary Leader Pakistan Peoples Party (PPP) Sherry Rehman said that the government is showing dubious growth figures to cover up their incompetence.
She took to Twitter and said, “in contrast to the government report, IMF announced 4% growth rate at 2% and the World Bank at 1.5%.
This is not the first time the government has released suspicious figures. Key facts removed from debt report and they haven’t released quad expenditure yet.
The government did not disclose key figures in the loan report to cover up incompetence and malpractice, she added.
Sherry further wrote that information on external debt and liabilities, long term debt is not mentioned anywhere in the report.
“Public debt is now equal to 90% of GDP, which is more than 60% under the 2005 FRDL Act,” she added.
Note that according to SBP data, Pakistan’s external debt and repayments declined in the third quarter of the current financial year.
At the end of the first nine months of the current financial year, total external debt servicing reached $10.63 billion, according to central bank data.
During the third quarter ended March 31, 2021, the country’s total internal debt and payments increased by Rs. 1,238 billion to Rs. 25,552 billion.
However, loans and payments increased by Rs 3,075 billion during the last 12 months (March 2020 to March 2021) to Rs 25,552 billion.
On the other hand, the country’s external debt and payments declined by $806 million in the third quarter to $116.3 billion.
External debt and repayments stood at 7 117.11 billion at the end of December 2020.
However, in the last 12 months, external debt and disbursements increased by $6.27 billion to $116.3 billion from $110.3 billion in March 2020.
In the third quarter of the current financial year, Pakistan disbursed $3.57 billion in debt servicing of external loans and payments.
Debt servicing remains the same with a slight increase every quarter.
In the first nine months of the fiscal year 2021, total external debt servicing reached $10.63 billion.
Pakistan has to borrow heavily to pay off foreign debts and interest on them.
In the fiscal year 2020, the country repaid $14.57 billion in external debt servicing.
This amounts to 55 to 60 per cent of the country’s total exports.