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Pakistan Government Adds $14b to Public Debt.

Summary: KARACHI u PakistanAEs economy, reeling under tremendous pressure over mounting external debt, is now facing another challenge u an increase in internal debt.

Country's banking regulator State Bank of Pakistan's (SBP) latest Aa data reveals that during the last one year, the Pakistan Peoples Party-led government has added about $14 billion to the country's public debt, while total outstanding domestic debt rose by a whopping Rs609 billion, or $7.34 billion, as at the end of July 2009.

Internal debt stood at Rs3.967 trillion against Rs3.358 trillion registered at the end of July 2008, while external debt and liabilities, or EDL, soared to $52.83 billion by the end of June 2009, which is equivalent to about one-third of the country's economy.

The central bank's provisional data released this week states that the increase in domestic debt was mostly due to a rise in the stock of floating, permanent and unfunded debts. Unfunded debt comprising National Savings Schemes, or NSS, till July 2009, went up by Rs274.3 billion to Rs1.305 trillion compared to Rs1.03 trillion during the corresponding period in the previous year. The reason for this is the attractive interest rate extended by the government on these instruments.

AaAa business@khaleejtimes.com

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Publication:Khaleej Times (Dubai, United Arab Emirates)
Date:Oct 12, 2009
Words:224
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