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Govt retired more than $10b in debt in FY2019-20

Govt retired more than $10b in debt in FY2019-20

ISLAMABAD: The PTI government retired more than $10,140 million in debt and interest payments in fiscal year 2019-2020, documents from the Economic Affairs Division obtained on Wednesday show.

According to the documents, the government had budgeted to pay back loans amounting to $10,423 million. Of the total, retirement of principal was budgeted to be $8,023 million, while actual principal paid back was $8,338 million.

In total, a sum of $1,802mn was paid as interest on loans owed by the government, against the budgeted target of $2,400mn

The documents stated that the government returned $4,401 million to commercial creditors, retired $1,000 million in Eurobond/Sukuk obligations, returned $2,212mn to multilateral creditors and $725mn to bilateral creditors.