“There is no financial discipline at all. Unless we discipline ourselves, we will not be able to turn around.”

–Ishaq Dar – June 2013.

A month after coming into power, newly appointed Finance Minister Ishaq Dar chided the performance of previous governments regarding the rising debt figure. This stood at Rs 14 trillion at the end of the fiscal year 2012-2013. The Finance Minister stated that the total debt was Rs 3 trillion in 1999, in the PML-N’s previous stint in power. He maintained that previous governments had indulged in borrowing to decrease the budget deficit, instead of using it to finance development projects. In a little over two years, the country’s debt rose to a whopping Rs 18 trillion in September 2015. While foreign reserves are at an all-time high, the government must now shift its attention to paying back maturing euro bonds issued in 2005-2006;worth over $ 500 million.