Pakistan’s Finance Minister (FM) Shaukat Tarin has said agriculture, industries, IT and Service sectors will be incentivised in the next budget to enhance their productivity.
Foreign loans jump over 35% to $10b
Around 88% of these borrowings were for budget and forex reserves support
Nearly 87% of foreign loans were for budget financing and building foreign exchange reserves, which meant that these had not been utilised for creating assets. PHOTO: FILE
ISLAMABAD:
The government’s foreign borrowings jumped over 35% to $10 billion during first ten months of this fiscal year and 88% of the loans were meant for budget and foreign exchange reserves support, which has further weakened the debt bearing capacity.
The foreign lenders disbursed $10 billion in loans during the July-April period of the current fiscal year, the Ministry of Economic Affairs reported on Tuesday. The lending was higher by over 35% or $2.6 billion during the same period of the last fiscal year, showed the official statistics.