Debt trap nears Rs.3 trillion

The country’s total debt, both foreign and domestic, is nearing Rs. 3 trillion, and a spate of borrowing, especially, fears of it going to finance wasteful state expenditure, has caused concern within civil society. Official published figures for the country’s total debt is available only up to May and the amount is a staggering Rs. 2.77 trillion (or Rs. 2,771 billion), an increase of Rs. 387 billion, compared with a year earlier. Of this amount, the foreign component is Rs. 1.21 trillion, while the local share is Rs. 1.56 trillion.

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