There has been talk lately about the requirement of local currency debt rearrangement for Pakistan, necessitated by the fact that the government’s debt servicing, budgeted for 2023-24 at Rs7.4 trillion, has increased to approximately 75 per cent of total tax collection and exceeds the net revenues, after transfer to provinces, of Rs6.9tn.
The economic challenges facing Pakistan today are daunting and the roadmap for enhancing wealth and prosperity for the 230+ million citizens needs to be fostered. While the resumption of the IMF program is critical for addressing our immediate financial needs, their standard prescriptions may only address our short-term challenges.
On the 14th of March 2023, InfraZamin Pakistan hosted the country’s first-ever summit on infrastructure titled “Building for Impact” in Karachi, featuring international speakers and representatives from numerous public and private institutions. A key area of focus of the conference was to explore the most viable avenues of financing that are required for infrastructure projects in Pakistan.