Pakistan needs $76.19 billion to pay off debts: IMF

WASHINGTON: Pakistan requires $76.19 billion (Rs8 trillion) or 30 percent of its per annum GDP in order to pay off its maturing debt, estimates the IMF’s Fiscal Monitor Report. This places Pakistan firmly at the top of the list of indebted emerging countries.The size of Pakistan’s economy stands at Rs26 trillion, while Rs8 trillion is required for the repayment, instead of the rolling over, of matured debts in the current fiscal 2013-14, according to the IMF’s assessment. Among 27 countries, Pakistan is on the top where of debt will require 29.9 percent of GDP in fiscal 2013-14 against 25 percent of GDP in last financial 2012-13. The report by the IMF said gross financing needs in advanced economies, though still large, have stabilised at about 22 per cent of GDP. They are set to rise in emerging market economies in 2013-14 relative to previous projections, mainly driven by higher levels of maturing debt. They are particularly large (exceeding 20 percent of GDP) in Egypt, Jordan, Hungary, and Pakistan, reflecting short maturities and high deficits.