Pakistan's $51 Billion Budget Prioritizes Debt Repayment Amid High Cost of Living.

Pakistan's government has unveiled a $50.5bn budget, with over half set aside to service $51bn of debt. The country's economy has been hit by a balance-of-payments crisis as it attempts to service crippling external debt, while months of political chaos have scared off potential foreign investment. Inflation has rocketed, the Pakistani rupee has plummeted and the country can no longer afford imports, causing a severe decline in industrial output. The budget includes 950 billion rupees for vote-winning development projects ahead of a general election later this year, while other populist measures include civil service pay rises of up to 35% and a 17.5% increase for state pensions.