Punjab debts snowball to Rs9.45 trillion from Rs5.58 trillion under PTI
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Gone are the days when Punjab had a total debt of Rs5.68 trillion under the PML-N government as the amount has now surged to Rs9.45 trillion, representing around 35 percent increase in just two-and-half years, reported 24NewsHD TV channel on Wednesday.
And despite this alarming trend, the PTI government in the province is persevering and eyeing more as a committee has been formed to obtain Rs47 billion loan from the World Bank.
Headed by Planning and Development Secretary Imran Sikandar Baloch, this committee will hold talks and ink an agreement with the World Bank after formalising terms and conditions for the purpose.
Meanwhile, officials from finance and law departments are also part of the committee.
The stated purpose of this loan is introducing reforms in development and organisations’ budgets.
As far as the increase in loan since the PTI came into power after 2018 general elections is concerned, official documents show that the amount borrowed since then currently stands at over Rs3.37 trillion.
Obviously, this practice is quite opposite to what had been promised before the elections with the PTI leadership constantly saying that they would not borrow more money and reform the government structure with a focus on health and education sectors.
But there is serious question: why the Punjab borrowed such a huge amount when there are no development projects while the spending in health sector – like free medicines for cancer and cardiac patients – has also been curtailed.