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$2.29 bn External Public Debt in FY2018-19 Lowest in 3 Years

$2.29 bn External Public Debt in FY2018-19 Lowest in 3 Years
$2.29 bn External Public Debt in FY2018-19 Lowest in 3 Years

$2.29 bn External Public Debt in FY2018-19 Lowest in 3 Years
$2.29 bn External Public Debt in FY2018-19 Lowest in 3 Years
With restoration of confidence of international financial institutions and good prospects of budgetary support, the government is expecting very strong inflows from its development partners this year. This was stated in a statement issued by Economic Affairs Division in Islamabad on Friday.

The Economic Affairs Division said for the future, the government is working on a strategy whereby procurement of long term concessional financing from multilateral and bilateral sources is a priority. It said the total external inflows during the previous Financial Year were 10.186 billion dollars, including grants of 330 million dollars.

The Division said external loans obtained by the government during the year were 9.85 billion dollars with the government making payment of 8.94 billion dollars on account of retirement of external debt and debt servicing. The statement said the net addition to the external public debt was only 2.29 billion dollars which is the lowest of last three years.

“A slowdown in disbursement from development partners during the outgoing fiscal year was mainly due to a period of political transition in the country,” the press release read, adding that during the interim government, there was a complete ban by the Election Commission of Pakistan on new development projects and relevant competent forums [ECNEC and CDWP] were not in place for quite some time.

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