Rising circular debt worries business community

Islamabad: The Islamabad Chamber of Commerce & Industry (ICCI) has expressed great concerns over the rising debt of the federal government, which has soared to Rs23.7 trillion during the first eleven month of the current fiscal year and called upon the government to evolve a comprehensive new strategy in consultation with all stakeholders to curb the rising debt as further increase in debt would jeopardize the economic future of the country and bring more problems to the general public.

Sheikh Amir Waheed, President, Islamabad Chamber of Commerce and Industry said that the external debt and liabilities of Pakistan had also increased to $91.8 billion by the end of March 2018 showing an increase of over 50% during the last five years and called upon the government to take urgent measures to reduce the country’s dependence on borrowings as it would create more problems for the economy.