Pakistan’s Total Debt Reaches Rs71.3 Trillion by June 2024

Federal Minister for Finance and Revenue Muhammad Aurangzeb informed the National Assembly that Pakistan’s total debt amounted to seventy-one point three trillion rupees as of June twenty twenty-four, representing sixty-seven point four percent of the GDP. This includes external debt of twenty-four point one trillion rupees and domestic debt of forty-seven point two trillion rupees.

In a written statement, the minister highlighted the importance of maintaining a zero or positive current account balance and increasing foreign exchange earnings relative to external debt interest rates as measures to gradually reduce external public debt.

Pakistan recorded a current account surplus of nine hundred and forty-four million dollars during the first five months of fiscal year twenty twenty-five, a significant turnaround from the one point six seven six billion-dollar deficit recorded during the same period last year.

Minister of State for Finance Ali Pervaiz Malik outlined the government’s detailed plan to tackle issues related to the undocumented economy, a limited tax base, and reliance on regressive taxation methods.

He informed the house that Prime Minister Shehbaz Sharif has approved a transformation plan for the Federal Board of Revenue, with ongoing efforts focused on enhancing the capacity of the FBR and Customs departments.