Islamabad: (RightNow) In the first two months of the current fiscal year, the federal government’s debt has significantly increased. According to documents, Pakistan’s external debt has risen by 23.60%.

In the first two months, $1.7 billion in external loans were taken, compared to $1.37 billion in the same period last year. The loans obtained from July to August are equivalent to 476 billion rupees.

The Economic Affairs Division reports that $484.5 million was received for various projects, and $1.21 billion for non-project purposes. International financial institutions provided Pakistan with over $590 million in loans.

This increase is significant for economic development. The borrowed funds will be used for various development projects and to stabilize the national economy.

It is noteworthy that in the same period last fiscal year, loans equivalent to 391 billion rupees were received. China has not provided any financial assistance so far this fiscal year.