PAKISTAN’S external debt has nearly doubled in a decade — from $68.7bn in 2015 to $135.1bn in 2025 — according to a new World Bank report. Public and publicly guaranteed debt accounts for $107.1bn of the total, private debt for $17.6bn, and short-term borrowing for $10.45bn. China is the largest single creditor with $22.4bn outstanding, followed by the World Bank and Asian Development Bank. The rise itself is not surprising but the pace is striking. Much of this borrowing went towards plugging external financing gaps, propping up reserves, and repaying older loans to keep the economy running. The debt spike describes an economy that invests, produces and earns too little to service what it owes. Debt has become the main constraint on........

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