Current Affairs

Pakistan’s Gross Debt Could Climb to 87.7% of its GDP in 2021

The IMF has projected that Pakistan’s general government gross debt would peak to 87.7 percent of Gross Domestic Product (GDP) by end of the ongoing financial year 2021.

The IMF’s Fiscal Monitor released on Wednesday disclosed that Pakistan’s net present value of pension spending would witness upsurge by 11 percent of GDP over the next 30 years from FY 2020 to FY 2050.

This indicates that the pension bill has been ballooning at supersonic speed leaving no other option but to introduce reforms to avoid ballooning of this liability.

The health care spending change over the next 10 years from FY 2020 to FY 2030 will witness the change of just 0.1 percent of GDP.

The IMF has projected the general government balance (a budget deficit) at 7.1 percent of GDP for the current fiscal year against 8 percent of GDP for the last financial year.

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