total debt on pakistan

According to the data released by the State Bank of Pakistan (SBP), by the end of January 2023, the total debt stock of Pakistan has increased to Rs 55 trillion. By 30 June 2022 it was Rs 47.78 trillion. This is an increase of 15 percent during the first seven months of Pakistan’s current fiscal year. Pakistan’s external debt to increase from Rs 17.879 trillion in December 2022 to Rs 20.686 trillion by January 2023.

‘Pakistan should work together with IMF’

The US is asking Pakistan to “work together” with the IMF to improve the economy and business environment. Speaking to the media on Wednesday, US State Department spokesman Ned Price said that we encourage Pakistan to continue working with the IMF. According to a notification by Pakistan’s Federal Board of Revenue (FBR), the Pakistani government has increased the sales tax on select categories of imported luxury goods to 25 percent with effect from Thursday.

Increased tax burden in Pakistan

The decision has reportedly been taken because the IMF is urging the Pakistani government to generate its revenue by imposing higher taxes, reports Xinhua news agency. The FBR raised sales tax on 36 categories of imported goods, including water and juices, confectionery and vehicles, from 17 per cent to 25 per cent. This decision of the Government of Pakistan will further increase the burden on the people who are suffering from inflation.