Each Pakistani citizen is now indebted to Rs. 179,070, fiscal policy statement submitted by the Ministry of Finance to the National Assembly has revealed.
According to the Fiscal Policy Statement 2021-22, the per-person debt burden reached Rs. 179,070 at the end of FY 2021. It stood at Rs. 120,099 when the incumbent government assumed power in 2018, which is an increase of 49% over the three years.
The Budget Wing of the Finance Ministry formulates and submits Fiscal Policy Statement each year to the National Assembly as required by the Fiscal Responsibility and Debt Limitation Act of 2005.
Finance experts have termed the latest policy statement as self-contradictory and claimed that the Finance Ministry concealed important information from the policymakers on purpose which undermined the spirit of the law that envisions rational explanation of critical fiscal indicators.
Besides, the size of the economy reached Rs. 55.5 trillion at the end of FY 2021-2022, up from the Rs. 47.7 trillion recorded at the end of fiscal year FY 2020-21.
Where critical indicators are concerned, the budget deficit and debt-to-GDP improved while tax-to-GDP and revenue-to-GDP ratios decreased in FY 2021-2022.
the increase is 32% not 50%. simple arithmetic escapes mr hayder.
Population has also increased