Pakistan's Escalating Debt Burden Reaches $63.966 Billion
The international debt burden has continued its relentless ascent, culminating at a substantial $63.966 billion by the conclusion of August in the fiscal year 2023-34. A comprehensive briefing session on the nation's indebtedness unveiled that the foreign debt had surged to $24.174 billion, while the local debt had scaled to Rs 39.791 billion during this period.
Karobar
The data divulged during this informative session underscored that over the past year, the total loans had swelled significantly by Rs 14,506 billion. Notably, in August 2022, the loan volume was considerably lower at Rs 49.571 billion. Meanwhile, the country's foreign debt was perched at $18 trillion, and the local debt stood at Rs 32,152 billion.
Amid this financial context, the International Monetary Fund (IMF) entered the fray, demanding a formidable tax collection plan of Rs 6,670 billion from Pakistan, a target set until June 2024. An IMF review mission descended upon Pakistan to scrutinize the nation's economic performance for the initial three months of the current fiscal year, spanning from July to September. The IMF underscored the paramount importance of the Federal Board of Revenue (FBR) meeting its tax collection revenue goals.
Going beyond mere demand, the IMF team sought a comprehensive report on the status of pending tax cases within the courts from the FBR. In response, the FBR disclosed the addition of one million new taxpayers to the tax net. The IMF, however, pressed for further information regarding tax collection across various sectors, with a particular focus on expanding the taxpayer base from 4.9 million to a formidable 10 million.
