Govt borrows Rs276b in Jul-Sep term: Finance Ministry

KARACHI: The government of Pakistan borrowed loans worth a total of Rs276 billion from internal and external sources during July-September this year, marking an increase of Rs53 billion as compared to borrowings in corresponding period last year, Geo News reported Wednesday.

Finance Ministry issued Quarterly Economic report, according to which, the government borrowed at least Rs219 billion from internal sources—Rs73 billion more than the last year’s borrowings.

Meantime, Rs56 billion worth of debts elicited from external sources this year, are Rs21 billion short of that taken last year.

At least Rs93 billion were spent on defence and its services as compared to Rs86 billion used up last year under the head.

The money apportioned for development works was slashed by Rs26 billion in comparison with the last year. The federation and provinces spent an aggregate of Rs59 billion on development works as against Rs85 billion spent last.

According to the report, the fiscal deficit during first quarter was 1.6 percent at Rs276 billion, which was 1.5 percent at Rs223 last year.

The government gave away Rs146 billion in local debt repayment as against Rs129 billion spent last year for the purpose.