Pakistan Businessmen and Intellectuals Forum (PBIF) President Mian Zahid Hussain has said that external debt burden has touched alarming proportions but it would not bankrupt country.
External debt has touched the mark of $73 billion while experts have estimated that it would jump to $110 billion in four years while the repayment obligations would stand at $22 billion, he said.
Mian Zahid Hussain said that soon the repayment of loans would eat up large portion of export earnings which could be countered through good growth rate and enhanced exports.
The business leader said that incumbent and former governments added around $49 billion to the external debt which should be countered lest country has to knock the door of multilateral donors.
He said that current account deficit has touched worrying proportions while the import of machinery for economic corridor would add to the deficit.
The country would need to bridge a gap of $ 11 billion for which loan would be the only option if reforms were delayed, he warned. He said that country could avoid another loan from IMF to bridge deficit if it undertook serious reforms without delay.
Pakistan is fast slipping into the debt trap therefore the government and parliament should play its due role, he added.
