ISLAMABAD: The PML-N-led government has devised a plan
to take foreign debts of $12.53 billion until June 30, 2018.
Under the plan the foreign debt of $6.63 bill
ion would be taken during current financial year while a loan of $5.89 bill
ion would be obtained during next fiscal year.
Due to the constant fall in the exports of the country, increasing imbalance in debt servicing,
the government is under pressure to maintain the rate of inflation and it is only dependent on foreign debts.
Daily Times has got the documented evidence that
the government has decided
to take $6.63 billion during 2016-17 under Midterm Debt Management Strategy. Under the plan $2.85 bill
ion would be taken from the World Bank, $500 million from the Asian Development Bank and $350 mill
ion would be obtained from other donor agencies for various developmental projects.
Similarly
the government would also get $1 billion from Safe China Deposit, $500 mill
ion would be obtained from E
uro Bonds, Islamic Development Bank and the Islamic Trade Finance Cooperation will give $1.13 billion.
In addition to the foreign debt
the government would also take $
300 million from the commercial banks in the current financial year.
The documents revealed that during the fiscal year of 2018-19
the government plans
to take $5.95 billion as foreign debts.
The government had taken foreign loans of $8 billion in FY2013-14, $7.92 billion in financial year 2014-15 and $8.92 billion in fiscal year 2015-16.
In addition to this
the government would have to pay interest of $2.74 billion on the loans taken during the last three years.
The country had to repay the total loans of Rs $40.800 billion before the 2013 general elections and with an addition to $20.500 billion during the PML-N government, the volume of total foreign debts would be swelled to $70.300 billion after next general polls.
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