Punjab govt’s external debts soar by Rs109 billion
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The external debts of the Punjab government have snowballed to Rs13.16 trillion after the addition of another Rs109 billion during the current fiscal year, reported 24NewsHD TV channel on Wednesday.
In June of the last fiscal year 2021-22, the Punjab government’s overall debts were standing at Rs12.07 trillion.
However, the figures have been swollen in the Debt Bulletin Report released by the Punjab Finance Department.
The volume of the circulating debts has been recorded at Rs3.3 billion.
According to the documents, Rs22 billion interest was paid on loan payments during the current financial year by the Punjab government.
The surging interest rate has multiplied the volume of the Punjab government’s loan repayments in the current fiscal to the tune of Rs92 billion.
According to the Debt Bulletin Report issued by the Finance Department of Punjab, the debt of Punjab has increased by Rs109 billion in just five months.
Since 2018, the debt of Punjab has increased by Rs1,000 billion. In 2018, Punjab owed more than Rs540 billion.
The Punjab government has obtained most of the loans from the World Bank, Asian Development Bank and Exim Bank of China.
For six development projects, the Punjab government is yet to receive loan from the World Bank.