Over Half of Pakistan’s Budget is Spent on Paying Back Debt in FY 2023-24

Pakistan will spend around Rs. 7.302 trillion on debt servicing including interest payments and retiring its principal amounts during the next financial year 2023-24 which is 50.5 percent of the total budget outlay of Rs. 14.460 trillion.

The government has earmarked Rs. 7.302 trillion in the budget 2023-24 against Rs. 3.950 trillion for the current fiscal year which was later revised to Rs. 5.520 trillion.

During the budget year 2023-24 on foreign debt servicing, the country will spend Rs. 872.219 billion against Rs. 510.972 billion allocated for the current fiscal year which was later revised to Rs. 725.370 billion.

On domestic debt servicing, the government will spend Rs. 6.430 trillion in 2023-24 against Rs. 3.439 trillion in 2022-23 which was later revised to Rs. 4.795 trillion.

Pakistan’s total public debt was recorded at Rs. 59,247 billion at the end-March 2023, registering an increase of Rs. 10,005 billion during the first nine months of the current fiscal year.

  • And this is just the “Domestic” Debt servicing, the Foreign Debt is another thing altogether.

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