KARACHI: The government on Friday announced to borrow Rs1,075 billion through auction of Market Treasury Bills (MTBs) and Pakistan Investment Bonds (PIBs) during the last quarter (April-June) of this fiscal year.
According to a press release of the State Bank of Pakistan, the government would borrow Rs925bn through T-bills. The amount was higher than Rs871bn maturing during the period. It would also sell PIBs worth Rs150bn, which was much bigger than the maturing amount of Rs39bn.
The government has been piling up huge debts and the issue is being criticised by independent economists for massive increase in debt servicing that eats up large share of tax revenue.
Courtesy : Dawn News