Islamabad [Pakistan], April 19 : A report released by Pakistan's Federal Institute of Statistics has revealed that the production of major industries in Pakistan has decreased by 11.59 per cent on an annual basis, Pakistan vernacular media Urdu Point reported.
According to the report, the production of major industries decreased by 0.50 per cent on a monthly basis in February, according to Urdu Point.
The Express Tribune recently reported that Pakistan is in the middle of a deep economic crisis amid steep currency devaluation and interest rates hikes with its major debt sustainability indicators witnessing marked deterioration during the first half of this fiscal year, according to the semi-annual debt bulletin of the finance ministry.
The July-December 2022 report showed that the share of external public debt rose in the past six months, while the average time of maturity and period of resetting the interest rates have further shortened, the report said.
The Express Tribune showed that the share of external debt in the total public debt rose from 37 per cent in June to 37.2 per cent by December, heightening the currency risks simultaneously with the rupee sinking and foreign countries shying away from extending loans.
This is synchronous with interest rates at historic highs and the currency devaluing by 56 per cent since the incumbent government came into power a year ago, reported The Express Tribune.
According to the report, "Large external payments in the wake of low foreign exchange reserves can pose liquidity problems and even destabilise the exchange rate which in turn, can increase the burden of external loans measured in local currency."
The debt office publishes a semi-annual debt bulletin containing information about debt stocks, debt operations and the sources of change in the debt stocks on a semi-annual basis.
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