Pakistan has the third highest debt service, that is, $15 billion or nearly 7 percent of the total for the Central Asia Regional Economic Cooperation (CAREC) region in 2020, says the Asian Development Bank (ADB) in its latest report “COVID-19 and Economic Recovery Potential in the CAREC Region”.
Among the CAREC countries, Pakistan is one of the members that experienced a current account deficit leading to International Monetary Fund (IMF) loan programs in the recent past. The debt-to-GDP ratio of Pakistan has increased from 67 percent to 86 percent between 2017 and 2019.
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