Pakistonomy - Episode 158 - On Deficits and Debt
Pakistonomy
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The Persistence of Pakistan's Fiscal Deficit
In fiscal year 2022, the general government deficit stood at 7.9% of GDP and that comes in about 5.3 trillion rupees. And this has been the largest in more than 22 years. The public debt reached 78% of GDP in FY 2022, which is slightly lower than the record high of 81.1% of GDP in FY 20. As a result, both the deficit and debt levels are in breach of the fiscal rules stipulated by the fiscal responsibility and debt limitation act or the FRDLA.
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