Leading Issues in the Economy of Pakistan: Agenda for Reforms Table 12.3: Composition of Public External Debt 2015-16 2021-22 Level ($ billion) Share (%) Level ($ billion) Share (%) Short-Term 3.9 6.3 8.5 8.5 Loans 1.7 1.3 External Liabilities 2.2 7.2 Medium Term 11.2 18.7 25.2 25.2 Euro/ Sukuk Bonds 4.6 8.8 Commercial Loans 0.9 9.5 From IMF 6.0 6.9 Long Term 44.5 72.2 61.3 61.3 Paris Club 12.7 9.2 Multilateral 26.4 34.0 Other Bilateral 5.4 18.1 Other 1.7 2.8 5.0 5.0 TOTAL 61.6 100.0 100.0 100.0 Source: SBP Incremental Level ($ billion) Share (%) 4.6 12.0 13.7 35.7 16.8 43.8 3.3 8.5 38.4 Accordingly, from Table 12.3, it appears that the stock of public external debt consisted largely of long-term debt, with a share of over 72 percent in 2015-16. This has changed significantly and the share of long-term debt is down to 61 percent in 2021-22. There has been greater resort to the flotation of Euro/Sukuk Bonds, commercial credits, and IMF Loans. The share of medium-term debt has increased to 25 percent and that of short-term debt to 9 percent. 12.4 Projection of Government Debt in 2022-23 The chapter 4 on Economic Outlook for 2022-23 includes the following projections: GDP growth rate: Rate of Inflation: Budget Deficit: -1.0% 25% 6% of GDP, The base projection for 2022-23 also includes the following: Rate of depreciation of Rupee Share of Domestic Borrowing in Financing the Budget Deficit Projection of the Government Deposits with Banking System: 30% 65% Rs 5,300 billion 122