Source: World Bank Staff Calculations Punjab’s Debt Overview The Debt Portfolio: A Snapshot Pakistan’s fiscal architecture underwent a fundamental change with the adoption of the 18th Constitutional Amendment. The Constitution had previously allowed provinces to raise domestic and foreign finance, but effectively barred them from doing so by prohibiting provincial borrowing if the province had any outstanding federal debt. As a result, provincial debt levels remained relatively small and manageable.
Source: World Bank Staff Calculations Punjab’s Debt Overview The Debt Portfolio: A Snapshot Pakistan’s fiscal architecture underwent a fundamental change with the adoption of the 18th Constitutional Amendment. The Constitution had previously allowed provinces to raise domestic and foreign finance, but effectively barred them from doing so by prohibiting provincial borrowing if the province had any outstanding federal debt. As a result, provincial debt levels remained relatively small and manageable.
862490NWP0Worl0ainability0Analysis.docx