The government borrowed Rs3.2 trillion from scheduled banks from May 15 to June 28 of the fiscal year 2023-24, despite a 30 per cent growth in revenue generation.
The latest State Bank data shows that the government borrowed Rs71.8bn per day during the period, reflecting the government’s massive spending of the government.
In the budget for FY25, the government has resorted to heavy taxation in order to generate 40 per cent more revenue than what it did the previous fiscal year.
Although the government has been hinting at imposing more taxes to increase revenue, there seems to be little effort to curb spending in order to avoid borrowing.
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