Every citizen owes Rs 100,000 as Pakistan’s debt increases

A policy report issued by the Finance Ministry has revealed that Pakistan’s debts hit Rs 181 trillion by September 30, burdening every citizen by around Rs 10,000.

The report compares the debts with the sum on June 30 which was Rs 173 trillion.

Pakistan’s domestic debts increased to Rs 127 trillion while foreign debts to USD 51 billion by September 30 of the last year.

On the other hand, the debts now make 60 percent of the country’s economy. According to the law, debts should be less than 60 percent of the Gross Domestic Product (GDP).

On the other hand, the policy report refuted government’s claims of not achieving tax targets. The government gained around Rs 571 billion through oil taxes in the last fiscal year which was, at least, Rs 8 billion more than the target.

At least, Rs 233 billion from a local sale, Rs 166 billion through sales tax on imported oil and Rs 24 billion custom duty was added to the national treasure.

The report states that provinces were also given shares in the funds collected under taxes however, the federation swallowed up Rs 131 billion levies.

Earlier on March 1, petrol and compressed natural gas (CNG), prices were reduced by remarkable Rs 8 per litre and Rs 7 per kilogramme (Kg).

Prime Minister Nawaz Sharif approved the reduction after which diesel price was cut by Rs 4.5 per litre and petrol by Rs 8 per litre.

The revised prices set the total at Rs 62.77 per litre for petrol while at Rs 71.12 for high-speed diesel

The price of high octane was also reduced by Rs 3 per litre while the PM rejected recommendation regarding reduction in kerosene oil price.

In last week of February, Oil and Gas Regulatory Authority (OGRA) had forwarded a summary to the Prime Minister recommending Rs. 8.48 per litre cut in petrol price for March.

CNG was available at Rs 55 per litre rate in Punjab before revision.