The IMF has released Pakistan’s fiscal indicators for the next five years, which portray that the country will sink deeper into debt. By fiscal year 2019-20, the debt-to-GDP ratio would be 79.1% and it would gradually swell to 84.1% of GDP, stated the report. Last week, Finance Minister Asad Umar said Pakistan’s gross public debt would remain at 70% of GDP by 2023 as no sharp reduction was possible. Under the Fiscal Responsibility and Debt Limitation Act, Pakistan’s debt should not be more than 60% of GDP. It has shown the budget deficit at 7.6% of GDP by 2023 and 7.7% by 2024.

Source: The Express Tribune April 11, 2019 03:00 UTC