A meeting of the Senate Standing Committee on Economic Affairs was held under the chairmanship of Senator Saifullah Abro. The session focused on Pakistan’s external and domestic debt, including discussions related to the IMF.
Officials from the Economic Affairs Division briefed the committee that the country’s total debt has reached Rs81 trillion. They stated that Rs26 trillion is external debt, while Rs55 trillion is domestic debt. Based on an estimated population of 250 million, officials said the per capita debt stands at around Rs325,000.
During the meeting, Senator Saifullah Abro expressed concern over the rising debt burden. He said that reducing imports and increasing exports could help the country avoid dependency on the IMF. He questioned why greater emphasis is not being placed on promoting exports and strengthening domestic production.
He cited examples of countries that have improved their economies despite facing challenging conditions, suggesting that Pakistan should adopt similar strategies to reduce reliance on external borrowing. He urged authorities to formulate effective policies aimed at boosting exports and controlling debt accumulation.
Officials from the Ministry of Finance informed the committee that all loans are repaid on time along with interest. They explained that both domestic and external debts are serviced according to scheduled timelines. When asked about repayment sources, officials stated that new loans are often taken to repay previous ones.
This explanation prompted reactions within the committee, as members noted the reliance on borrowing to manage existing debt obligations.
Senator Abro also raised questions regarding development funds allocated to lawmakers. He asked how large sums could be utilized within a short time frame and called for transparency and accountability in the use of such funds. He suggested discouraging discretionary funding for members of parliament.
He further urged strict measures against institutions that have received significant amounts from the national treasury, emphasizing the need for financial discipline and stronger oversight mechanisms.
