While Pakistan seeks IMF bailout, debt and liabilities soar to Rs 31 trillion: Report

File photo. Photograph:( Reuters )

WION Web Team New Delhi, Delhi, India Dec 07, 2018, 08.23 PM (IST)

While cash-strapped Pakistan seeks an $8 billion IMF bailout package, a report suggests that its financial woes continue to intensify.

Country's currency depreciation and interest rate hike during July and September have pushed its debt and liabilities to nearly Rs 31 trillion at the end of September. 

According to the latest statistics released by the State Bank of Pakistan (SBP), by the end of the first quarter of the current fiscal year, Pakistan's total debt and liabilities soared to Rs 30.9 trillion, an increase of Rs 984 billion, or 3.3 per cent, in the overall debt in just three months. 

The report further added that the gross public debt, which is the direct responsibility of the government, stood at Rs 25.8 trillion. 

There was an increase of Rs 839 billion in the gross public debt in three months, which was far higher than the overall budget deficit of Rs 542 billion for the period, news agency PTI reported. 

Prime Minister Imran Khan-led Pakistan may miss getting an IMF bailout by January 15 as the global lender wants the government to adopt tougher measures to address the external sector imbalances before sending the country's case to its Executive Board, a media report said Friday.

Pakistan is seeking $8 billion from the International Monetary Fund (IMF) to bail itself out from a severe balance-of-payments crisis that threatens to cripple the country's economy.

(With inputs from PTI

Story highlights

Country's currency depreciation and interest rate hike during July and September have pushed its debt and liabilities to nearly Rs 31 trillion at the end of September.