Prime Minister Imran Khan addressing the inaugural ceremony of Track and Trace System (TTS) of FBR for sugar industry in Islamabad on November 23. SCREENGRABPrime Minister Imran Khan on Tuesday said that the rising foreign debt and low tax revenue had become an issue of “national security” because government did not have enough resources to spend on people’s welfare. Also read: Foreign loans swell 18% in Jul-OctThe government took $3.8 billion worth of new foreign loans in the past four months, up by 18%, as it saw a further uptick in lending by the multilateral lenders once the International Monetary Fund (IMF) obstacle was crossed in a couple of months. The government obtained $3.8 billion in gross foreign loans during the July-October period of fiscal year 2021-22, according to the Ministry of Economic Affairs. The $3.8 billion of foreign loans did not include the borrowing made through the highly expensive Naya Pakistan Certificates at up to 7% interest in dollar terms for only one year.

Source: The Express Tribune November 23, 2021 16:08 UTC