Pakistan’s External Debt to Cross $130 Billion in FY24
Pakistan’s external debt is expected to rise from $123.574 billion in 2022–2023 to $130.850 billion in 2023–2024, according to projections made by the International Monetary Fund (IMF).
The Fund anticipated that Pakistan’s external debt would reach $139.116 billion in 2024–2025 in its most recent report on the nation. According to projections, external debt will rise from 36.4 percent of GDP in 2022–2023 to 37.3 percent of GDP in 2023–2024.
The estimated levels of Pakistan’s domestic debt are Rs. 43.574 trillion for 2023–2024 and Rs. 49.803 trillion for 2024–2025.
According to the research, gross funding requirements are quite high, mostly because of high debt servicing obligations, and external market financing is no longer available. The lack of confidence has resulted in Pakistan’s credit rating being reduced to just above default. Support from official bilateral and multilateral organizations has been essential for Pakistan to be able to pay its debts.
Given the lack of external funding and the substantial gross financing needs that will continue over the next years, the risks to debt sustainability, which were already high at the time of the combined 7th and 8th EFF evaluations, have gotten worse, further obstructing the route to sustainability.
Public debt can be sustained over the medium term if programme policies are implemented decisively, macroeconomic caution persists into the medium term, and appropriate international and bilateral financing is available. Any more reductions in the baseline could cause the debt to become unsustainable.
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