Every Pakistani owes over Rs285,000 in debt

Every Pakistani man, woman, and child owes Rs288,000 to foreign and domestic lenders during the ongoing fiscal year due to the government's wrong economic policies, according to former high-officials.

The stats were shared by former Minister of State for Finance Aisha Ghaus Pasha while speaking at the 5th Asma Jahangir Conference titled ‘People’s Mandate: Safeguarding Civil Rights in South Asia’ at Faletti’s Hotel in Lahore.

The PML-N leader revealed that Pakistan has to pay $60 billion to the International Monetary Fund in the next three years.

Earlier in March this year, the Washington-based lender had reached a Staff-Level Agreement (SLA) with Pakistan on the final review of a $3 billion bailout, where the country will receive $1.1 billion after approval from the Fund’s Executive Board,

On the other hand, the global lender's team is expected to visit Pakistan by mid-May to negotiate a new long-term process. Pakistan is seeking a $6-8 billion new loan package from the Fund.

During the event, Pasha said that loans were taken from the fund facility to meet the budget deficit.

"Pakistan must increase exports to raise its income," she noted.

Former governor of State Bank Reza Baqir put blame of the excessive budget deficit on the political parties.

"Since 2007, our debt has just increased, all political parties and governments are responsible for the budget deficit, it is not possible for any single party to reduce the deficit," he added.