Pakistan’s external debt, liabilities reach $131.16bn, up 1.09% QoQ

February 12, 2024 (MLN): Pakistan’s external debt and liabilities (outstanding) reached $131.159 billion at the end of 1HFY24, an increase of $1.417bn or 1.09% QoQ, the central bank data showed on Monday.

On a yearly basis, the country’s external debt and liabilities went up by $907 million or 1.99% YoY during 1HFY24 as the outstanding amount stood at $128.605bn at the end of 1HFY23.

According to the latest data issued by the SBP, 76.02% 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's external debt stood at $80.165bn during 1HFY24, up by 2.11% QoQ and 1.54% YoY.

Within the external debt, the long-term debt by the end of the review period clocked in at $80.066bn, up by 2.19% compared to the previous quarter and 2.31% compared to the previous year.

Conversely, the short-term debt (less than one year) decreased by 37.67% QoQ and 85.56% YoY to $99.3m in 1HFY24.

International Monetary Fund (IMF's) loans to the central bank and federal government stood at $5.069bn and $2.527bn respectively.

The foreign exchange liabilities outstanding during the period under review were recorded at $11.939bn, up by 1.37% QoQ and 8.74% 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 $7.869bn, reflecting a decline of 0.19% QoQ and 0.98% YoY.

The amount owed to banks stood at $6.638bn during the review period, comprising short-term bank borrowing of $3.662bn and $1.3bn worth of long-term borrowing.

Private sector external debt, which attributed to 9.36% of the total external debt amounted to $12.277bn by the end of 1HFY24, down by 3.28% QoQ and 7.8% YoY.

The last element of the total external debt and liabilities was debt liabilities to direct investors (Intercompany debt) which rose by 1.94% on a quarterly basis and 5.62% on a yearly basis to $4.675bn.

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