Pakistan is scheduled to repay over $23 billion in external debt during FY2025-26, including $11 billion to multilateral, bilateral, commercial lenders, and bondholders, and $12 billion in foreign deposits.
Of the $12 billion in deposits, $5 billion is from Saudi Arabia, $2 billion from the UAE, $1 billion from Qatar, and $700 million from Kuwait.
$4 billion in Chinese SAFE deposits are held on the books of the Ministry of Finance.
Key repayments this fiscal year include $500 million in September 2025 and $1 billion in April 2026 for maturing Eurobonds, with total bond servicing (including interest) reaching $1.7 billion. Commercial loan repayments total $2.3 billion, multilateral debt repayments $2.8 billion, and bilateral loans $1.8 billion.
$15 billion falls under public sector obligations and $9 billion under the State Bank of Pakistan, including IMF-related repayments and deposits without rupee cover for budget support.
Any failure to secure rollovers could increase repayment pressure. Pakistan’s debt-to-GDP ratio, which previously improved due to high inflation inflating nominal GDP, may now deteriorate amid slowing inflation and lower nominal growth.
Weren’t we told that pakistan reserves are 20 billion $