Pakistan’s entire debt servicing is on track to reach a historic high of Pakistan Rupee (PKR) 8 trillion, with the prospect of a minor increase in the policy rate in the region of 1 per cent against the anticipated allocation of PKR 7.3 trillion for the current fiscal year, The News International reported. The fiscal year 2023–24 will mark the first time when practically every month of the current fiscal year, federal revenue receipts will be less than what is needed to pay for servicing domestic and international debt. Since the fiscal position will only become worse, there will be more serious risks, so the Ministry of Finance genuinely wants the policy rate to stay at 22 per cent or less.
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