How Nawaz Sharif sent Pakistan’s economy into doldrums; check out some numbers in brief

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New Delhi | Published: July 30, 2017 6:38:04 PM

How Pakistan took new loans to repay previews loans.

nawaz sharif, nawaz shaif government, nawaz sharif govt, nawaz sharif loans, pakistan loans, apk loans, pak loans, pakistan govt loanHow Pakistan took new loans to repay previews loans.(Associated Press)

With former Pakistan PM Nawaz Sharif’s sacked from office on corruption charges, a number of reports have emerged showing how his government mishandled the country’s economy. A report published in Pakistani daily, The Tribune, says that Sharif’s government obtained a whopping $35 billion in new loans during his four-year tenure to repay maturing debt. The Pakistani Government did so to keep official foreign currency reserves at a level which could give a sense of economic stability to investors. As per the report, Pakistani government utilised a whopping $17 billion, or say nearly half of the total loans obtained from July 2013 to June 2017, to repay the previous debt. The data was based on a report released by Pakistani Finance Ministry. As per an  International Monetary Fund (IMF) report, Pakistan’s total external debt grew by 30% to $79.2 billion from July 2013 to June 2017.

While Nawaz Sharif govt did the work of adding the net $18 billion to the country’s total external debt and liabilities – the highest amount added by any government during its tenure. The IMF report further said that external public debt was about $62.3 billion – also up by 28% compared with the figure four years ago. Another remarkable aspect of Sharif’s government’s economic policy was borrowing of the maximum number of loans taken in a single year – amounting to $10.1 billion.

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