Thursday Jun 11, 2020
Pakistan Economic Survey 2020 was released on Thursday by Advisor to the Prime Minister on Finance Abdul Hafeez Shaikh detailing the shocks to the economy due to the ongoing health crisis.
Finance Advisor Hafeez touched upon the fragile situation of the economy, saying that Pakistan's loans increased to Rs25,000bn and if the total debts and liabilities were added up, they would amount to Rs30,000bn.
He said that when the new government had taken over the reins of the country, Pakistan's expenses were higher than its income hence the country was almost about to default on its loans. "The country was witnessing growth on loans that were secured from abroad," he said.
Talking about measures taken by the government to curtail expenditures, he praised Prime Minister Imran Khan and army chief Gen Qamar Javed Bajwa. He said that the government had cut down its expenditures and at the same time, increased public spending.