ISLAMABAD - Chairman Senate Standing Committee on Finance and Revenue Senator Saleem Mandviwalla has said that Pakistan has to repay $11 billion in next financial year 2017-18, which will create shocks to the economy.

The incumbent government has taken massive loans during its tenure. The government, the other day, informed the National Assembly that it had received $27.8 billion loan from international bilateral and multilateral lenders from December 2013 to November 2016.

Due to the massive borrowings, Pakistan’s total external debt and liabilities ballooned to $74.6 billion by the end of September 2016. The break-up shows that the external debt rose to $58.7 billion. The total public debt stood at Rs20.6 trillion by the end of September 2016, an increase of Rs3.15 trillion since June 2015.

Mandviwalla, who remained former finance minister, showed serious concerns over the loan repayment. He said that the external debt on Pakistan was mounting massively, as Pakistan has to repay $11 billion in 2017-18. Pakistan’s external inflow situation is not very rosy, as it will create shocks to the economy, he said.  Mandviwalla made these remarks at a meeting with the IMF Mission Chief for Pakistan Heralid Finger and the US Treasury officials in Washington.

While visiting the IMF office, Mandviwalla discussed the economic situation of Pakistan and post-IMF programme. He said that Pakistan should increase its exports and the volume of remittances so that repayments of loans may be easily done.

Mandviwalla also discussed the CPEC projects with the IMF Mission head Heralid Finger and was of the view that these projects must be implemented so that Pakistan could benefit from it fully.

Mandviwalla also discussed with the US Treasury official the recent ban on the proscribed outfits. He said that Pakistan was taking strict action against the terrorist outfits and will not allow anyone to move freely in the country.

| Senator Mandviwalla meets IMF mission chief, US treasury officials in Washington