Every Pakistani now owes Rs280,000 in debt

Finance Minister Muhammad Aurangzeb presented the Economic Survey of Pakistan 2023-24, a pre-budget document containing the details of macroeconomic indicators during the outgoing fiscal year.

According to the survey, the total public debt was recorded at Rs67.53 trillion in the first nine months of the outgoing fiscal year in March 2024.

The survey revealed that the figure was recorded at Rs62.88 trillion at the end of June 2023.

The breakdown showed that the total local debt stood at Rs43.43 trillion in March 24, while external debt reached Rs24.09 trillion.

The total debt is equivalent to 74.8% of the country's GDP, with external debt accounting for 28.6% and domestic debt making up 46.2% of the GDP.

Every Pakistani man, woman, and child owes Rs280,000 to foreign and domestic lenders during the outgoing fiscal year.

The economic survey provides a comprehensive overview of the country's economic performance over the past year and outlines the challenges and opportunities that lie ahead.

Prime Minister Shehbaz Sharif-led government hopes to use the survey's findings to inform its economic policies and strategies in the coming year.

The federal government will unveil the Rs18.5 trillion budget for fiscal year 2024-25 on Wednesday (today) in the National Assembly.