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World Bank Estimates Pakistan’s Total External Debt Stock at $127 Billion

The World Bank has estimated Pakistan’s total external debt stocks at $126.942 billion by end 2022 compared to $130.873 billion by end-2021.

The World Bank in its latest report, “International Debt Report 2023, noted that in South Asia, external debt obligations to China rose nearly sevenfold over 11 years, from $6.4 billion in 2012 to $42.9 billion in 2022, of which two thirds was accounted for by Pakistan.

The Bank stated that total external debt stocks stood at $126.942 billion by 2022 including the use of IMF credit and SDR allocations of $11.522 billion against $10.841 billion in 2021, long-term external debt of $106.652 billion in 2022 against $110.958 billion in 2021.

Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit include 44 percent multilateral, (16 percent World Bank, 15 percent ADB, 13 per other multilateral), 37 percent bilateral (25 percent China, 4 percent Japan,) and 19 percent private (9 percent bondholders, 10 percent other commercial).

Short-term external debt stood at $8.768 billion in 2022 compared to $9.074 billion in 2021.

According to the data, external debt stocks as percentage of export was 320 in 2022 compared to 360 per cent in 2021, external debt stocks to GNI was 34 per cent in 2022 compared to 38 per cent in 2021, debt service as percentage of exports was 42 in 2022 compared to 34 per cent in 2021, gross national income (GNI) was 371.237 in 2022 compared to 341,730 in 2021.

Of the long term external debt stocks include; public and publically guaranteed debt $91.520 billion in 2022 compared to $95.413 billion in 2021. Commercial banks and others stood at $15.133 billion in 2022 compared to 15.545 billion in 2021 and bondholders remained zero in both years.

The report further noted that in Pakistan, the Debt Management Office published a semiannual debt bulletin for July–December 2021 with a creditor-wise breakdown of outstanding debt (FY2022 PPA); it also published an annual report on public debt that compares debt management strategy implementation with targets for end-FY2022, and provincial finance departments published semiannual debt bulletins for July–December 2022, following international reporting standards for Public Sector Debt Statistics (FY2023 PPA).

Source: Pro Pakistani