ISLAMABAD [Pakistan], Due to the economic crisis, the Pakistan government led by Prime Minister Shehbaz Sharif borrowed more than Pakistan currency (PKR) 65 billion from banks to meet its rising expenses within a week, Dawn reported on Saturday. State Bank of Pakistan (SBP) data in the report showed that government borrowing from commercial banks reached a record PKR 5.5 trillion from July 1, 2023 to April 5, 2024. This is compared to PKR 2.95 billion in the same period last fiscal year, the SBP reported only last week. On 13 April, government borrowing from commercial banks stood at PKR 4.842 trillion. This shows that in one week the government borrowed PKR 657 billion, bringing it to PKR 5.5 trillion. This heavy borrowing is placing a heavy burden on the economy, leaving no room for revenue allocation other than interest payments on household loans.According to the Dawn report, the government will have to pay interest payments that account for more than half of the total budgetary outlay. During FY2023, the government had borrowed PKR 3.7 trillion from banks, but the current situation looks worrying as the government has borrowed more in the first nine months than last year's level of PKR 1.784 trillion. The government usually borrows heavily from banks in the last quarter of the financial year. According to the Pakistan-based news daily, which aims to present a better picture of the economic performance, the economy is in serious trouble on both internal and external fronts. The maximum revenue generated is used to pay off household debt and interest.This substantial outflow does not leave room for new development programs for any government; Instead, most development funds have been diverted to other sectors. The situation is even worse on the external front, where borrowing is difficult as Pakistan's repayment capacity has been reduced to the lowest level. Pakistan needs the IMF's help to restore its image among foreign investors, but for the past two years the government has been unable to borrow from international markets. Financial experts believe that the new agreement with the IMF could open the way for Pakistan to borrow from international markets. market.However, he believes that there is a need of the hour to sustain growth and address the major causes of uncertainties. Analysts estimate that current borrowings from banks could touch PKR trillion by the end of June 2024. The government has been raising energy prices but has not been able to generate enough revenue to cover it. Its expenses, Dow reported. On Friday, Prime Minister Narendra Modi said at an election rally in Damoh, Madhya Pradesh that with "war clouds" spreading across the world, India is moving forward as the world's fastest developing country, he said , "One of our neighbors who was a supplier of 'terror' (terrorism)', is now struggling to buy 'flour'," pointing to Pakistan, where inflation rates are as high as 20 percent.