Managing the Balance of Payments Table 18.2 highlights the composition of the external debt of Pakistan. Almost 78 percent is public and publicly guaranteed debt in 2019-20. This has declined from 92 percent in 1999-2000. The share of the private sector has increased from 8 percent to 10 percent and of others from zero to 12 percent. Table 18.2: Level and Composition of External Debt and Liabilities 1999-2000 2009-10 A. PUBLIC AND PUBLICLY GUARANTEED DEBT 35,018 56,160 1. Government Debt 27,804 44,801 2. From IMF 1,550 8,736 3. Foreign Exchange Liabilities 5,664 2,623 B. PUBLIC SECTOR ENTERPRISES- 1,465 C. BANKS- 866 D. PRIVATE SECTOR 2,842 4,314 E. LIABILITIES TO DIRECT INVESTORS-INTER- 1,695 COMPANY DEBT TOTAL EXTERNAL DEBT AND LIABILITIES 37,860 64,500 Foreign Exchange Reserves 989 14,126 GDP 76,871 177,410 External Debt and Liabilities as% of GDP 49.3 36.4 Source: SBP ($ million) 2019-20 87,885 70,314 7,680 9,891 4,817 4,637 11,120 4,335 112,795 12,501 248128 45.5 The level and composition of Government debt is given in Table 18.3. As of 2019-20, the largest share of 44 percent is of outstanding loans with Multilateral agencies like the World Bank and Asian Development Bank. These loans are long-term and concessional in character. Bilateral sources now have the second largest share, of 19 percent. This is primarily loans owed to China for financing of CPEC projects and is also concessional in nature. Table 18.3: Level and Composition of Government External Debt 1999-2000 Share (%) 2009-10 GOVERNMENT DEBT 27,804 100.0 44,801 1. Medium and Long Term 27,674 99.5 43,889 • Paris Club 13,048 46.9 14,942 • Multilateral 12,234 44.0 24,613 • Other Bilateral 639 2.3 1,803 • Euro/ Sukuk Bonds-- 1,550 • Commercial Loans/ Credits 1,100 4.0 ­• Others 653 2.3 981 2. Short Term 130 0.5 912 Source: SBP Share (%) 100.0 98.0 33.4 54.9 4.0 3.4 2.3 2.0 ($ million) 2019-20 Share (%) 70,314 100.0 68,773 97.8 10,924 15.5 30,898 43.9 13,428 19.1 5,300 7.5 8,068 11.5 155 0.3 1542 2.2 177