Check What Pakistan Owes Abroad: Rs 38.6 Trillion in External Debt and Liabilities at June 2026
Pakistan's external debt and liabilities were Rs 38.6 trillion at June 2026, 30.4% of GDP, SBP says. See the six parts, IMF debt and how to read the tables.
Pakistan owed the world Rs 38,612.6 billion, or Rs 38.6 trillion, in external debt and liabilities at the end of June 2026. That is 30.4 per cent of GDP, according to the State Bank of Pakistan (SBP). The government itself owed Rs 24,200.6 billion of it. The rest is IMF debt, private companies' borrowing, public companies' borrowing, loans inside company groups, and the central bank's own liabilities.
We opened the State Bank's debt summary and debt profile tables on 14 October 2026. Both cover the quarter ended 30 June 2026. This guide shows where each part sits and how to read the tables yourself.
The total barely moved in rupees but fell as a share of GDP
Total external debt and liabilities were Rs 38,487.5 billion in June 2025 and Rs 38,612.6 billion in June 2026. That is a rise of 0.3 per cent. Against the size of the economy the burden fell, from 33.7 per cent of GDP to 30.4 per cent.
The rupee was stronger at the end of June 2026, at Rs 278.09 to the dollar, against Rs 283.75 a year earlier. The same dollars are worth fewer rupees. By our arithmetic, the total is about $138.8 billion now against $135.6 billion then, a rise of 2.4 per cent in dollars.
Government loans from abroad are 63 per cent of the total
The State Bank splits the total into six parts. The government's own external debt is the biggest, at Rs 24,200.6 billion. It rose 3.3 per cent in the year.
| Part (Rs billion) | June 2025 | June 2026 | Change |
|---|---|---|---|
| Government external debt | 23,416.9 | 24,200.6 | +3.3% |
| Private sector external debt | 5,252.5 | 5,253.3 | 0.0% |
| Debt from the IMF | 2,629.8 | 3,072.9 | +16.8% |
| External liabilities | 3,392.3 | 2,414.5 | -28.8% |
| Public companies' external debt | 2,200.5 | 2,184.3 | -0.7% |
| Loans from a parent company abroad | 1,595.5 | 1,487.1 | -6.8% |
| Total | 38,487.5 | 38,612.6 | +0.3% |
In shares of the June 2026 total, government loans are 62.7 per cent, private borrowing 13.6 per cent, IMF debt 8.0 per cent, external liabilities 6.3 per cent, public companies 5.7 per cent and parent-company loans 3.9 per cent. The shares are our arithmetic.
IMF debt rose 16.8 per cent while external liabilities fell 28.8 per cent
The IMF line rose from Rs 2,629.8 billion to Rs 3,072.9 billion, or about $11.1 billion at the June rate. The loans behind it are covered in the note on IMF money received and still to come, and the repayment dates are in the IMF repayment schedule.
"External liabilities" is a different thing from debt. The State Bank says it includes central bank deposits, swaps, the SDR allocation and deposits that non-residents hold in rupees at the central bank. It fell by Rs 977.8 billion in the year. The tables do not say which of those items caused the fall, so we do not guess.
The government paid back Rs 4.47 trillion of principal in 2025-26
Debt service means paying back the loan itself, called principal, and the interest on it. The State Bank's profile table shows the payments from July 2025 to June 2026 in rupees.
- Principal on government external debt: Rs 2,877 billion.
- Principal on private and other non-government external debt: Rs 463 billion.
- Principal on IMF debt: Rs 163 billion.
- Repayment of monetary authorities' external liabilities: Rs 962 billion.
- Interest on external debt: Rs 1,278 billion, of which Rs 863 billion on government debt.
Those principal lines add up to Rs 4,465 billion, and the State Bank's table gives the total as Rs 4,466 billion. The difference is rounding. For the same year the Finance Division's own review gives the bigger picture of public debt, in the note on the annual debt review for 2025-26.
The Eurobonds that the government sold are part of its external debt. The list of Pakistan's Eurobonds shows their coupons and maturity dates.
How this differs from the monthly central government debt table
The State Bank also publishes a monthly table of central government debt. It showed Rs 82,953 billion at the end of August 2026, as in our note on central government debt in August. That table covers only the central government. It also leaves out IMF loans and foreign exchange liabilities.
The quarterly tables in this guide are wider. They add private and public company borrowing, IMF debt and the central bank's liabilities. So the two sets of numbers do not match, and you should not mix them.
The total of all debt and liabilities, domestic and external together, was Rs 99,587 billion in June 2026, or 78.5 per cent of GDP, down from 82.8 per cent. Gross public debt was Rs 86,714.7 billion, or 68.3 per cent.
How to read the State Bank's debt tables yourself
The tables are free and need no login. They update every quarter.
- Open the State Bank's Economic Data page at sbp.org.pk/ecodata.
- Find the heading "Pakistan's Debt Profile".
- Open "Pakistan Debt and Liabilities Summary" for the six-part split and the share of GDP.
- Open "Pakistan Debt and Liabilities Profile" for the debt service payments.
- Read the column dates, and check that the rupee rate at the bottom is the one used for the stocks.
- Compare the same line a year apart, and use the notes at the foot for definitions.
Be careful with one thing. All the figures are in rupees, converted from dollars at the last-day rate for stocks. A stronger rupee makes the rupee total look smaller, even if the dollar debt rose. Read the dollar change too, as we did above.
Common questions about Pakistan's external debt
How much external debt does Pakistan have?
External debt and liabilities together were Rs 38,612.6 billion at the end of June 2026, or 30.4 per cent of GDP. External debt alone was Rs 36,198 billion in the profile table.
How much does the government itself owe abroad?
Government external debt was Rs 24,200.6 billion at the end of June 2026. That is 62.7 per cent of the external total.
What is the difference between external debt and external liabilities?
Debt is borrowing that must be paid back, such as loans and bonds. The State Bank counts central bank deposits, swaps, the SDR allocation and non-resident rupee deposits at the central bank as liabilities.
Why did the rupee total barely change?
The rupee was stronger on 30 June 2026 than a year earlier, so dollar debt converts to fewer rupees. In dollars, our arithmetic gives a rise of 2.4 per cent.
When is the next update?
The State Bank updates these tables quarterly. The next one will cover September 2026 and should appear on the same Economic Data page.
How we verified this
What we checked, where we read it, and what we could not confirm.
Last checked 14 October 2026. Figures come from the State Bank of Pakistan's Debt and Liabilities Summary and Debt and Liabilities Profile for June 2026, read on 14 October 2026, and its Economic Data page. The State Bank marks June 2026 as provisional. Percentage changes, shares and dollar conversions are our arithmetic.
About the author
Global Affairs & Political Economy Writer
Muhammad Hatim is a book lover who started writing because he enjoys it. At Pakistan Era he writes about international relations, geopolitics and the global economy, with a particular interest in South Asia and the forces behind current events.
