ISLAMABAD: The total external debt of Pakistan climbed to $91 billion in 2018, a World Bank report ‘International Debt Statistics 2020’ reported.

During the same period, net debt flows with the use of IMF credit amounted to negative $212 million.

The country’s total external debt was estimated to be $49.7bn in 2008 and gradually grew to $62bn by 2014; $66.7bn in 2015; $73bn in 2016 and $86bn in 2017, according to the report.

The use of IMF credit stands at $7.276bn in 2018; $7.664bn in 2017; $7.235bn in 2016; $6.359bn in 2015; $5.001bn in 2014; and $4.614bn in 2008. Meanwhile the country’s long-term external debt amounted to $75.3bn while short-term external debt at $8.302bn in 2018.

Long-term disbursements were worth $9.359bn and long-term principal repayments at $3.295bn in 2018 while long-term interest payments were at $2.195bn in 2018.

Ratio of external debt stocks to exports was 295 per cent in 2018, while ratio of external debt stocks to GNI was 28pc; debt service to exports 20pc; short-term to external debt 9pc; multilateral to external debt stocks 31pc; and reserves to external debt 10pc in 2018.

The publication says that financial flows to low- and middle-income countries came under pressure in 2018 due to a combination of factors impacting the global economy, including rising US interest rates and dollar appreciation, trade tensions, and general concerns about a slowdown in growth.

Published in Dawn, October 4th, 2019