In the year 2022-2023, things got a bit wild in the world of debts and finances. The total amount Pakistan owed shot up by a whopping 29%, reaching a jaw-dropping Rs 77.104 trillion. Now, that's a big leap from the Rs 59.772 trillion they owed the previous year. But here's an interesting twist – they managed to shave off $6 billion from what they owed to other countries. So now, their external debt sits at $124.3 billion.
So, let's break it down: if we look at all this money stuff in comparison to what Pakistan makes (which you could call their "money pie" or GDP), it's like they owed 91.1% of that pie. Just a smidge more than the 89.7% they owed last year. Let's keep things simple, though. The debt they piled up in the year 2022-2023 was about $72.991 trillion. That's like a growth spurt of 28.4%, much higher than the 24.7% growth from the year before. If you imagine the money pie, this debt slice would be around 86.2%, up from 85.3% last time.
But this isn't just about numbers on paper. This debt situation actually rolled into real life. In the year 2022-2023, Pakistan had to cough up a whopping Rs9.819 trillion just to handle this debt business. That's like 76% more cash than what they handed over the previous year. And guess what? This money thing was about 11.6% of the money pie, a fair jump from the 8.4% of last year.
Now, this whole ordeal meant that the government had to be really careful about where their money was going. They had less cash to put into important things, like big projects and other essentials. To navigate this, the government did a fair bit of borrowing – from inside the country and even from outside. Looking ahead, in the next fiscal year, they're planning to use around Rs7.3 trillion to settle their debt matters. But here's the thing: that's almost half of their entire money pie, which is about Rs14.46 trillion. With such a big chunk going towards debts, there's not a whole lot left for other crucial stuff.
