Largest external debt stocks: Pakistan stands among top 10 nations
Islamabad: Pakistan has found its place among top ten nations that possess the largest external debt stocks and became eligible for the Debt Service Suspension Initiative (DSSI) in the aftermath of the Covid-19 pandemic, media reports said.
According to International Debt Statistics in 2022, released by the World Bank on Monday, there was a wide divergence in the rate at which external debt accumulated in individual DSSI-eligible countries, including the group’s largest borrowers, The News International reported.
The combined external debt stock of the 10 largest DSSI-eligible borrowers (Angola, Bangladesh, Ethiopia, Ghana, Kenya, Mongolia, Nigeria, Pakistan, Uzbekistan, and Zambia) was $509 billion at end-2020, 12 percent higher than the comparable figure at end-2019 and equivalent to 59 percent of the external debt obligations of all DSSI-eligible countries combined, the newspaper reported.
They also accounted for 65 percent of the end-2020 private non-guaranteed external debt of DSSI-eligible countries. The rate at which debt accumulated in individual countries varied considerably.