New Delhi, April 6 Pakistan's total public debt rose from Rs 71 trillion to Rs 80.5 trillion in 360 days, a government fiscal summary shows -- a Rs 9 trillion increase across a period the government has described as one of economic stabilisation -- a new report has said.
According to a report published in The News International, the increase translates to Rs 26 billion borrowed every day, including 19 gazetted public holidays.
Hourly, the government incurs Rs 1.08 billion in new debt. Moreover, every minute, that figure is Rs 18 million.
The report also noted that for every Rs 100 Pakistan's economy produces, Rs 72 is already owed before any public service is funded. Moreover, the Pakistan government's debt-to-GDP ratio has reached 72 per cent.
Of the Rs 9 trillion increase, Rs 2 trillion was disbursed in grants and a further Rs 2 trillion absorbed losses at state-owned enterprises.
None of the major loss-making entities -- power utilities, gas companies, railways, steel, or the national airline -- have undergone structural reform.
The government fleet currently comprises 85,500 vehicles, consuming Rs 114 billion in fuel annually.
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It further pointed out that in 1971, a Pakistani child was born owing Rs 462 as its share of the national debt.
Now, that figure is Rs 333,041 -- before the child has taken its first breath, before any government service has been rendered on its behalf.
Economists and fiscal analysts cited by the report warned that as debt servicing crowds out discretionary expenditure, investment in education and health will continue to decline.
Pakistan has had four governors-general, fourteen presidents, and twenty prime ministers since independence. The current rate of debt accumulation is the fastest in its 79-year history.
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