KARACHI: The International Monetary Fund (IMF) has projected a decline in the government gross debt for Pakistan from 75.8 per cent of Gross Domestic Product (GDP) in 2022 to 73.6pc in 2023.

The global lender projected further decline to 68.9pc in 2024.

According to the IMF report “Fiscal Monitor, on the path to policy normalization” the net debt for Pakistan is projected to decrease to 68.7 per cent of the GDP in 2023 against 69.5per cent in 2022. The net debt is projected to further decline to 65per cent in 2024.

The government revenue is projected at 12.2 per cent of GDP for 2023 and 12.5 per cent for 2024 against 12.1per cent during the same period of 2022 and 12.4per cent in 2021.

The Fund has projected government primary balance at -0.5 per cent for 2023 against -3.0 per cent in 2022. Further, the government overall balance is projected at -6.8 per cent for 2023and -8.3 per cent for 2024 against -7.8per cent in 2022.

The report has projected government expenditure to decrease to 19.1 per cent of GDP in 2023 compared to 19.9per cent in 2022, but projected to increase to 20.8 per cent in 2024.

The country’s debt to average maturity in 2023 is estimated at 26.8per cent of GDP. There would be total financing need of about 26.8per cent of GDP in 2023, the report further says.