Kathmandu. The public debt obligation of the government has reached Rs 2.975 trillion as of mid-April of the current fiscal year 2082/83. According to the Public Debt Management Office, the credit of Rs 26.74 trillion at the beginning of the current fiscal year has increased by Rs 300 billion in the first 10 months.
Public debt has now reached 45.08 per cent of GDP. Of the total loan, external debt was 53.57 per cent and internal debt was 46.43 per cent. With the weakening of the Nepali rupee against the US dollar, the liabilities increased by Rs 16.77 billion due to the exchange rate.
The government has set a target of collecting Rs 595 billion in loan for the current fiscal year, but only Rs 365 billion has been mobilized till mid-April. The government has increased its dependence on internal debt as the progress of external debt has been weak.
Similarly, Rs 2.92 trillion has been spent so far on the principal and interest payment of loans. Economists warn that if the utility and returns of debt are not effective, it could put more pressure on the economy in the long run.
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