Chart 12.1: Composition of Government Debt 2015-16: Rs 19,944 billion The Growing Debt Burden 2021-22: Rs 47,783 billion Source: SBP The share of external debt in government debt has increased from 28.5 percent to 35 percent. This is a worrying development caused partially by the continuing depreciation of the rupee against the US$. The composition of public debt does not vary substantially from government debt, as the debt with the IMF and external liabilities are relatively small. The composition of the total debt of Pakistan is given in Chart 12.2 below. Chart 12.2: Composition of the Debt of Pakistan 2015-16: Rs 21,577 billion 2021-22: Rs 60,173 billion Source: SBP The dominant share is of public debt, which has declined somewhat from 88.3 percent to 85.5 percent over the six-year period. The small shares of three other borrowers, viz, private sector, PSE and agencies engaged in commodity operations, have shown some modest increases. 119