Farooq Awan

Pakistan’s total external public debt stood at US$ 91,795 million as of June 30, 2025, according to the Annual Report on Foreign Economic Assistance issued by the Ministry of Economic Affairs.

The report defines external public debt as the external debt owed by the government, including obligations toward the International Monetary Fund (IMF). It distinguishes external public debt from total external debt, the latter of which also includes liabilities of public sector enterprises and private-sector entities, such as multinational corporations, banks and other private institutions.

According to the composition table provided in the report, multilateral development partners accounted for US$ 43,032 million of the total external public debt stock. This represented the largest single category within the overall external public debt portfolio.

Bilateral development partners accounted for US$ 15,043 million. Borrowings from foreign commercial banks amounted to US$ 7,156 million, while bonds constituted US$ 6,800 million of the total debt stock.

Obligations toward the IMF stood at US$ 9,268 million as of June 30, 2025. In addition, China SAFE deposits totaled US$ 4,000 million and Saudi time deposits amounted to US$ 5,000 million. Other sources collectively accounted for US$ 1,496 million.

The report notes that of the total US$ 58,075 million obtained from multilateral and bilateral development partners, 67% was contracted on concessional terms with longer maturities. These concessional loans typically carry lower interest rates and extended repayment periods.

The composition chart included in the report shows multilateral partners representing 47% of the total external public debt stock. Bilateral partners accounted for 16%, IMF obligations 10%, commercial banks 8%, bonds 7%, Saudi deposits 6%, China SAFE deposits 4%, and other sources 2%.

The Ministry of Economic Affairs compiles debt data through the Debt Management and Financial Analysis System (DMFAS), maintained by the Debt Recording and Reporting Center. The report presents the external public debt figure as a point-in-time stock as of June 30, 2025.

The document states that external public debt plays a role in financing development objectives, supporting balance-of-payments needs and supplementing domestic resources. It also notes the importance of prudent debt management and strong institutional arrangements to manage repayment obligations.

The Annual Report on Foreign Economic Assistance 2024-25 presents the US$ 91,795 million external public debt figure as the official stock position at the end of June 2025, detailing its source-wise composition and concessional share within the overall portfolio.

Credit: INP-WealthPk