Pakistan will have to pay over USD 23 billion in external debt during the current fiscal year, which began on July 1, according to media reports.Even as Prime Minister Shehbaz Sharif claims an economic “turnaround,” Pakistan is staring at a staggering USD 23 billion external debt repayment burden this fiscal year. Its total public debt has soared past Rs 76 trillion, and nearly 46 per cent of the federal budget is now consumed by debt servicing alone.
Yet, instead of prioritising economic repair, Pakistan’s military-dominated establishment is busy finalising multi-billion-dollar defence deals with China and Turkey, buying missiles, drones, and warships while begging friendly nations for temporary deposits just to avoid default.
