The debt burden per person rose by 21% to reach Rs216,708

 According to a recent report by the Ministry of Finance in Pakistan, the country's economic policies have led to a significant increase in the debt burden of every citizen. The debt burden per person rose by 21% to reach Rs216,708 by the end of the previous fiscal year. This means that for every person in Pakistan, there was an additional debt liability of Rs37,608 in just one year.

The report shows that the increase in debt per person was due to wrong economic policies and poor fiscal management. This is a cause for concern as it indicates that the country is sinking under a growing debt burden at an alarming rate. The report was prepared as a requirement under the Fiscal Responsibility and Debt Limitation Act of 2005, which aims to keep the National Assembly informed about the true state of the economy.

Furthermore, the report stated that gross public debt in the country rose to Rs49.2 trillion by June 2022 and has since increased further. Despite this, the economy showed growth of 6% in the 2021-22 fiscal year, but the finance ministry believes that this growth could have been more sustainable if it was led by investment rather than consumption.

The report is expected to be presented to the National Assembly next week, but it has not yet been made public. The information in the report highlights the importance of taking action to improve the country's economic policies and reduce the debt burden for its citizens. The Ministry of Finance has calculated the per capita debt based on an estimated population of 227 million people.

In conclusion, the report is a wake-up call for policymakers in Pakistan to take necessary steps to address the country's growing debt burden. This includes revising and implementing sound economic policies, promoting investment, and reducing government spending. By doing so, they can help ensure a more sustainable and stable economic future for the country and its citizens.