Pakistan's external debt, liabilities reach $128bn, up 2.81% QoQ

November 10, 2023 (MLN): Pakistan’s external debt and liabilities (outstanding) reached $128.09 billion at the end of 1QFY24, an increase of $3.498bn or 2.81% QoQ, the central bank data showed on Friday.

On a yearly basis, the country’s external debt and liabilities went up by $907 million or 0.71% YoY during 1QFY24 as the amount was $127.18bn at the end of 1QFY23.

According to the latest data issued by the SBP, 76.61% of the entire debt is attributed to public external debt; the combination of the government’s long-term and short-term external debt, IMF loans to the central bank, and foreign exchange liabilities. 

The government external debt which includes both long-term and short-term external debt stood at $78.51bn during 1QFY24, up by 2.06% QoQ, while down by 0.56% YoY.

Within the external debt, the long-term debt by the end of 1QFY24 stood at $78.35bn, up by 2.06% compared to the previous quarter and 0.51% compared to the previous year.

Conversely, the short-term debt (less than one year) decreased by 84.07% YoY to $159m compared to the $1bn recorded at the end of 1QFY23.

International Monetary Fund (IMF's) loans to the central bank and federal government stood at $2.882bn and $4.965bn respectively.

The foreign exchange liabilities outstanding during the period under review were recorded at $11.78bn, up by 8.73% QoQ and 10.06% YoY.

Apart from public external debt, the remaining outstanding amount comprises borrowing from public sector enterprises, banks, and the private sector.

Outstanding external debt of public sector enterprises (PSEs) clocked in at $7.92bn, reflecting an increase of 5.56% QoQ and a decline of 0.16% YoY.

The amount owed to banks stood at $6.24bn during the review period, comprising short-term bank borrowing of $2.33bn and $1.3bn worth of long-term borrowing.

Private sector external debt, which attributed to 9.24% of the total external debt amounted to $11.84bn by the end of 1QFY24, down by 0.70% QoQ and 4.84% YoY.

The last element of the total external debt and liabilities was debt liabilities to direct investors (Intercompany debt) which fell by 0.34% on a quarterly basis and 2.02% on a yearly basis to $3.97bn

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