ISLAMABAD - ICCI has shown great concerns over the rising public debt which has swelled over Rs.15 trillion by the close of July 2014 & consumes the largest chunk of country’s budget and called upon the government to take urgent measures to reduce the debt burden as it would affect the economic development, give rise to more unemployment and poverty in the country.  Muzzamil Hussain Sabri, President, ICCI said that the present government has added more than $12 billion as new debt in just over one year, reflecting a rise of 11.63 percent in one year, which is not a good approach as it would bring more problems for the common man and slow down the growth of economy.

He said Pakistan has witnessed about 81 percent increase in debt during the last five to six years, which reflects the bad economic policies of the governments.

He said the rising debt would become a major source of fiscal and current account deficits thus aggravating the financial crisis. He said higher debt- to-GDP ratios would also suppress output, private consumption and government spending on public welfare projects due to which life of common man would become more difficult while business activities would also suffer.