Charter of the Economy percent of the GDP in 2018-19 and 8.6 percent of the GDP in 2019-20. Therefore, there has been a big violation of the Act. Further, from 2016-17 onwards the total Government debt was to be reduced to 60 percent of the GDP. It was 65 percent of the GDP in 2016-17 and will increase to 77 percent of the GDP by the end of 2020-21. The third requirement of the Act was that from 2018-19 onwards the annual reduction in the Government Debt to GDP ratio should be 0.5 percent each year. The increase in 2019­20 was 0.4 percent of the GDP. The fourth restriction was that issuance of new guarantees should be restricted each year to below 2 percent of the GDP. The outstanding stock and increase in guarantees are given below for the last five years. 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21(end-March) Source: MOF Stock of Guaranteed Debt 339 938 1004 1265 1890 2410 Increase ­599 66 261 625 510 %of GDP ­1.9 0.2 0.7 1.5 1.1 Therefore, the limit of 2 percent of the GDP has not been violated in each of the last four years. Overall, there is a weak record in adhering to the targets set by the FRDL Act. 12.3. The Composition of Government Debt The shares of domestic and external debt respectively in total Government Debt are given in Table 12.2. The long-term trend has been for increase in the share of domestic debt. It has increased from 53 percent in 2008-09 to 66 percent in 2019-20. However, the last few years have witnessed a significant increase in the share of external debt from 28 percent to almost 34 percent. This is not due to more borrowing but because of the big depreciation of the rupee, especially in 2018-19, which has increased the rupee value of the stock of external debt. Turning to the composition of domestic debt in terms of the share of long-term debt in the form of Pakistan Investment Bonds(PIBs), short-term debt consisting of Market Treasury Bills(MTBs) and unfunded debt consisting of savings certificates issued by the National Savings Directorate, the changes in the respective shares are given in Table 12.3 for different periods for the increment in the stock of debt. 122