Friday, June 3, 2011

External debt increased to $59.5 billion

The cash-starved govt has no other option than to borrow from external as well as internal resources to meet its expenditures, as country‘s total external debt has gone upto $59.5 billion and total public debt has increased to Rs 10020 billion by the end of March 2011.
According to the latest economic survey 2010-2011, the country’s external debt has increased by $3.6 billion during the first nine months (July-March) period of the outgoing financial year 2010-2011 and totalled at $59.5 billion by the end of March. The external debt was $55.9 billion on June 2010 which revealed that it has increased by 6.4 % only in 9 months period. Meanwhile, the public debt (internal debt) has increased by Rs 1162 billion in the first nine months (July-March) of the year 2010-2011, reaching a total outstanding amount Rs 10020 billion, an increase of 13.1 per cent. The public debt has decreased to 55.5 per cent by end of March 2011 after hovering around to 60 per cent of GDP for 3 years.