Quick answer: Pakistan’s external public debt is Rs27,274 billion — roughly $98 billion at recent exchange rates (about $312 billion is the total public debt in dollars; most of it is domestic). It is owed to multilateral lenders (IMF, World Bank, ADB), bilateral partners (China, Saudi Arabia and others), commercial banks and bondholders. The $7 billion IMF Extended Fund Facility anchors repayment confidence.
How much in dollars
Headline: Rs27,274 billion ≈ $98 billion in external public debt at end-June 2026. Don’t confuse this with the $312 billion total — that converts the entire Rs86.7 trillion debt stock (mostly domestic) into dollars. The State Bank publishes a broader external debt and liabilities figure that runs higher, since it adds items like IMF liabilities and private-sector external debt. Always check which definition a headline uses.
Who the creditors are
The external book splits three ways: multilateral (IMF, World Bank, Asian Development Bank — the biggest and cheapest source), bilateral (government-to-government loans and deposits, with China and Saudi Arabia the largest partners), and commercial (Eurobonds, international Sukuk and bank loans — the most expensive). In July–March FY2026 Pakistan drew $6.1 billion externally: $2.7bn multilateral, $1.1bn bilateral, $2bn via Naya Pakistan Certificates and $200m commercial.
The IMF programme
The $7 billion Extended Fund Facility, approved in September 2024, is the programme everything hinges on. Pakistan received $1.2 billion under it in the first nine months of FY2026, with reviews unlocking further tranches. IMF approval also unlocks other lenders — the World Bank, ADB and bilateral partners all take their cue from it. Missing a review is what spooks markets, not the debt level itself.
The rollover risk
External debt must be repaid or rolled over in dollars — and Pakistan earns limited dollars. The buffers as of late 2026: SBP reserves at a record $21.44 billion, remittances strong, and the IMF programme on track. The vulnerability is the rupee: it has depreciated 166% against the dollar over the decade to 2026, so every dollar of debt costs ever more rupees to service. For the domestic side and the full picture, see the complete Pakistan debt guide.
Related guides
Frequently asked questions
How much is Pakistan’s external debt in dollars?
External public debt is about $98 billion equivalent (Rs27,274 billion) at end-June 2026. Total public debt in dollars is ~$312 billion — mostly domestic.
Who does Pakistan owe external debt to?
The IMF, World Bank and ADB (multilateral), China, Saudi Arabia and others (bilateral), plus commercial banks and bondholders.
How much is Pakistan’s IMF loan?
The current programme is a $7 billion Extended Fund Facility (approved September 2024); $1.2 billion was disbursed in July–March FY2026.
