The external public debt was $ 58 billion and the net internal public debt was Rs 12.31 trillion as on 31-12-2016, the minister informed the house. According to the details of external debt, the country is bound to pay $7,432 million including $1,595 million interest in 2017; $4,263 million including $1,457 million interest in 2018; $7,070 million including $1,314 million interest in 2019; $4,571 million including $1,089 million interest in 2020; $5,793 million including $987 million interest in 2021; $4,604 million including $830 million interest in 2022 and $4,491 million including $729 million interest in 2023.
The internal debt details show that the country is bound to pay Rs 8,498 billion including Rs 1,102 billion interest in 2017; Rs 2,335 billion including Rs 562 billion interest in 2018; Rs 2,330 billion including Rs423 billion interest in 2019; Rs 936 billion including Rs 295 billion interest in 2020; Rs 819 billion including Rs 238 billion interest in 2021; Rs 730 billion including Rs 167 billion interest in 2022 and Rs 235 billion including Rs 105 billion interest in 2023.
To another question, the minister informed the house that total domestic debt taken by the present government through the State Bank of Pakistan and commercial banks during the period from 01-07-2016 to 31-03-2017 is Rs 819.1 billion.
The bank-wise break-up shows the government borrowed Rs 734.62 billion from State Bank of Pakistan and Rs 84.5 billion from commercial banks during the abovementioned period. The minister said the domestic debt is raised by selling government securities, ie, Market Treasury Bills, Pakistan Investment Bonds and Government Ijara Sukuk to Primary Dealers.
All other banks and non-banks can buy these securities from the primary dealers, he said, adding that the ownership of these securities, therefore, keeps on changing on daily basis. The finance minister also informed the house that Pakistan's per capita debt is Rs 94,890. To another question, the minister informed the house that the pendency of total sales tax refund claims as on 30-06-2017 is to the tune of Rs 139 billion which is 3.9 percent of revenue target of Rs 3,521 billion for the year 2016-17.
It is further added that the pendency as on 01-07-2013 was Rs 100 billion which was 5 percent of the revenue target of Rs 2,007 billion for the year 2012-13, he said.
He said the comparison shows that since the present government took over in 2013, the refund pendency has decreased as percentage of revenue target. The minister further said that a sum of Rs 23.625 billion in 6,331 cases has been paid to the exporters as sales tax refund during the period 2016-17. Federal Board of Revenue makes payment against sales tax Refund Payment Orders (RPOs) in queue based on the date of issuance of the RPO, he said, adding that as regards the RPOs issued between 01-07-2016 to 30-06-2017, the refund payment was to be made in two stages, as per announcement made by the Finance Minister in the budget speech. He said the payment against RPOs involving payment up to Rs 1 million has already been made on July 15, 2017 whereas the payment against RPOs of higher amount shall be made by August 14, 2017.
Copyright Business Recorder, 2017