PESHAWAR: Advisor to CM on Finance Muzzammil Aslam claimed that the province’s estimated GDP was close to $40 billion, compared to its debt size of $2.5 billion.

In a press statement issued here on Saturday, Mr Aslam said that KP’s debt and debt service, compared to its GDP and receipts, were literally minuscule.

He stated that, according to accounts, KP’s GDP was the most resilient, even compared to the federal government, posting a growth of 3.9 per cent last year, compared to Pakistan’s 2.5 per cent.

“The debt servicing is less than 5 per cent of total receipts, compared to 90 per cent for the federal government,” he added.

Mr Aslam said that KP’s cash reserves were also at an all-time high, equivalent to a quarter of its debt. He added that the province had zero domestic debt.

Furthermore, the CM aide highlighted that KP had established a debt retirement fund, the first of its kind in the history of Pakistan by any provincial or federal government. He also mentioned that KP had been transparent and regularly published its debt monitor.

However, he added that the province’s debt soared since April 2022 due to a 75 per cent devaluation of the rupee, not because of extraordinary debt accumulation.

Published in Dawn, December 22nd, 2024