Pakistan plans to borrow record $ 13Bn next fiscal year

Pakistan has planned to borrow a record-breaking $ 13Bn in FY19 alone, nearly 63% higher than the outgoing fiscal year’s original estimates of $ 8Bn, meant largely to repay previously obtained loans and stabilize nose-diving foreign currency reserves. If the plan materializes, it will be the highest borrowing in a single year in Pakistan’s 71-year history. In FY17, Pakistan borrowed $ 10.4Bn. During its first four and a half years, the incumbent govt. has taken over $ 40Bn in foreign loans.