Senators Warn of Debt Crisis Without Economic Plan
ISLAMABAD: Members of the Senate from both sides of the aisle on Monday raised alarm over the burgeoning debt of Pakistan, sans a roadmap for economic stability. On June 12, the government presented the budget for FY27 , allocating Rs8,054bn for interest payments. Speaking on the floor, PPP vice president and parliamentary leader in the Senate, Senator Sherry Rehman, pointed out that approximately 42.8 per cent of the federal budget was being absorbed by debt servicing, inclu
Senators in Pakistan expressed concerns about the country's increasing debt and the absence of a clear plan for economic stability. The government's FY27 budget allocated Rs8,054bn for interest payments, with a significant portion of the federal budget used for debt servicing. State-owned enterprises are contributing to financial strain, with large losses reported in recent years. The senator called for reforms in governance and public spending to reduce costs. A fair taxation system based on direct taxes was recommended to improve fiscal stability. Pakistan needs long-term economic reforms rather than temporary solutions. The reliance on indirect taxes is placing a burden on citizens. The growing Petroleum Development Levy is a major concern for sustainability. Climate financing is also a pressing issue as Pakistan faces increasing climate challenges.
The concerns highlight the urgent need for sustainable economic policies to address debt and fiscal challenges.
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