Pakistan’s outstanding external debt, liabilities reach $130.5bn in FY24

August 15, 2024 (MLN): Pakistan’s external debt and liabilities (outstanding) reached $130.5bn at the end of June 2024 (FY24), reflecting an increase of $90.264m or 0.07% QoQ, the central bank data showed on Thursday.

On a yearly basis, the country’s external debt and liabilities went up by $4.36bn or 3.46% YoY during Q4 FY24 as the figure stood at $126.142bn at the end of Q4 FY23.

According to the latest data issued by the SBP, 75.29% 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.

As a percentage of Gross Domestic Product (GDP), it stood at 25.8% in Q4 FY24, which is 660 basis points lower compared to 32.4% in Q4 FY23.

The government's external debt stood at $78.15bn during Q4 FY24, reflecting a decrease of 1.01% QoQ, while going up by 1.59% YoY.

Within the external debt, the long-term debt by the end of the respective quarter stood at $77.39bn, down by 1.57% QoQ, while up by by 0.81% YoY.

Meanwhile, the short-term debt (less than one year) increased by 374% YoY to $759.787m compared to the $160.292m recorded in the same period last year.

The data further shows that International Monetary Fund (IMF's) loans to the central bank and federal government stood at $4.516bn and $3.862bn respectively during the quarter under review.

The foreign exchange liabilities outstanding during the period under review were recorded at $11.731bn, down by by 0.74% QoQ, while up by by 8.31% 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 $7.768bn, a decrease by 0.63% QoQ, while went up by 3.57% YoY.

The amount owed to banks stood at $7.107bn during the review period, in which short-term bank borrowing stood at $2.636bn, while long term borrowing was recorded at $1.3bn in the quarter under review.

Private sector debt, which attributed 9.81% of the total external debt amounted to $12.796bn by the end of 1QFY24, a decrease by 1.54% QoQ, while went up by 0.39% YoY.

The last element of the total external debt and liabilities was debt liabilities to direct investors (Intercompany debt) which stood at $4.576bn.

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