Examining the effects of growing public debt, currency depreciation, and reduced government spending on the working class Pakistan’s total public debt, including domestic and external, as per the figures published by State Bank of Pakistan (SBP) stood at staggering PKR 71 trillion as on June 30, 2024, equivalent to 67% of its GDP. Alarmingly, 50% of the fiscal budget for the ongoing FY25 will be spent on the debt servicing/interest payments (Finance Ministry-2024), leaving less than 50% of resources available for health, education, defence, energy, agriculture, and public sector development programmes. On top of it, the country has recently entered…
