The government took a loan of 57 trillion 36 billion at high interest rate

Web Desk: The government took a record loan of 57 trillion 36 billion rupees at high interest rates during the 10 months of the current financial year.
The latest data released by the State Bank of Pakistan shows that despite the high cost of currency, the current government is taking huge loans from banks.
The central bank reported that the government borrowed 57.36 trillion rupees during July-April in fiscal year 2024, while it paid 55.17 trillion rupees as interest during July-March of the current fiscal year.
During the current financial year, not only the current government but also the caretaker government took the loan, which is also responsible for taking huge loans.
At the last auction of Treasury bills on April 30, the average yield on the 3-, 6- and 12-month papers was 21 percent. Forced to take.
The State Bank is unable to cut interest rates for fear of inflationary pressures, while ignoring expectations of negative growth or very poor growth during the current fiscal year.
Further details show that during the first 9 months of the current fiscal year, interest payments were equal to 76 percent of revenue collection, interest payments were 55 trillion 17 billion rupees in fiscal year 2024 from July to April, about 57 trillion 35 billion rupees. Equally, it is a serious situation as the interest amount has become more than 56% of the gross income.
The data shows that the interest payment on loans during the fiscal year 2023 was 59 trillion 35 billion rupees, the size of which was 33 trillion 31 billion rupees during the previous fiscal year. Significantly increased to 846 trillion 57 billion rupees, which was 666 trillion 23 billion rupees during the financial year.