National Debt Surge and IMF Borrowing Data Revealed

The Ministry of Finance has disclosed new details to the Senate about the substantial increase in Pakistan’s national debt over the past three years. According to the written response, the national debt surged by Rs31.5 trillion during this period. Specifically, in the fiscal year 2021-22, the debt rose by Rs9.4 trillion, followed by an increase of Rs13.7 trillion in 2022-23, and an additional Rs8.4 trillion in 2023-24.

The Ministry of Finance also highlighted a rise in the number of taxpayers, with 3.5 million new taxpayers registered nationwide in 2023. This marks a significant development in Pakistan’s efforts to broaden its tax base.

Additionally, recent data released by the Federal Ministry of Economic Affairs sheds light on borrowing and repayment patterns concerning the International Monetary Fund (IMF). The Pakistan Peoples Party (PPP) emerged as the top borrower, having secured over $7.72 billion from the IMF. The Pakistan Muslim League-Nawaz (PML-N) followed, borrowing $6.48 billion, while the Pakistan Tehreek-e-Insaf (PTI) borrowed $6 billion, falling $480 million short of PML-N’s total.

In terms of repayments, the PML-N government led by repaying over $5.92 billion to the IMF. Notably, the PTI government recorded the highest interest payments, totaling $791 million during its term.