Bad news for Pakistanis as the country’s total debt and liabilities increased to a record of nearly Rs 81 trillion in the past year.

Pakistan is currently going through a severe and difficult economic crisis as it tries to increase revenue generation and reduce all its debts, however, no silver lining yet.

The collective debt and liabilities are approximately 15 percent of the nation’s GDP, higher than the statutory limit defined in the Fiscal Responsibility and Debt Limitation Act.

The reason for such a stark increase in the debt is due to a lack of major foreign investment in the country even though Pakistan secured yet another IMF bailout package.

Austerity measures have so far remained theoretical as the government has failed to cut off unnecessary expenses of the bloated government. For instance, Prime Minister Shehbaz Sharif earlier approved grants to provide awards to officers of the Prime Minister’s Office and Defence Production.

Meanwhile, additional funds have also been allocated for the renovation of the PM’s Office and for providing subsidies to Azad Jammu & Kashmir.