August 15, 2024 (MLN): Pakistan’s total debt and liabilities increased to Rs84.91 trillion in FY24, marking a rise of 10.97% YoY from Rs76.51tr in FY23, according to data from the State Bank of Pakistan (SBP) released on August 15, 2024.
As a percentage of GDP, the total debt and liabilities stood at 80.1%, which is lower than the 91.2% coverage from the previous period.
The breakup of the data shows that total debt stood at Rs81.93tr, while liabilities were valued at Rs4.64tr during the review period.
The country's total debt comprised of three elements: domestic debt, PSE debt, and external debt, amounting to Rs47.16tr, Rs1.71tr, and Rs33.06tr respectively.
The external debt which includes debt from IMF, intercompany external debt from direct investors abroad, government and non-governmental external debt, inched up by 0.12% YoY as in the same period last year it stood at Rs33.02tr.
It is important to note that the country’s debt from IMF stood at Rs2.33tr, rising by 14.3% YoY in FY24.
The data released by the central bank further shows that the total liabilities (external and domestic) increased by 1.22% YoY to Rs4.64tr during the review period.
The last element in the breakup is the consolidated adjustment with reference to on-lending to GOP, amounting to Rs1.67bn in FY24.
Total Debt and Liabilities Servicing
The servicing of total debt and liabilities surged to Rs11.9tr in FY24, reflecting an increase of 21.26% YoY compared to Rs9.82tr in the same period last year.
As a percentage of GDP, servicing stood at 11.2% in FY24.
Out of the total servicing of debt and liabilities, the predominant portion, amounting to Rs8.55tr, comprised interest payment on debt.
