Sindh expanded its stock of foreign borrowing by almost half between mid-2024 and mid-2026. Finance Ministry figures show the province added $1.839 billion in external loans, taking the balance from $3.777 billion in June 2024 to $5.616 billion in June 2026. No other province recorded a steeper climb over that stretch.
Punjab still sits atop the provincial ranking for absolute foreign debt, though its growth was far milder. Its stock moved from $6.026 billion to $6.402 billion—an increase of $376 million, or roughly 6%.
How the other provinces compare
Khyber Pakhtunkhwa’s external liabilities grew by $595 million, a 25% lift, from $2.378 billion to $2.973 billion across the same June-to-June window. Balochistan’s tally edged up by $33 million to $390 million, while Gilgit-Baltistan’s rose by $7 million to $69 million.
Azad Jammu and Kashmir was alone in cutting its foreign exposure. Its outstanding amount fell by $29 million, from $209 million to $180 million.
Sindh’s share of the provincial total
Across all provincial governments, foreign debt climbed by $2.821 billion over those two years and stood at $15.63 billion by June 2026. Sindh contributed about 65% of that combined increase.
As a result, Sindh now carries roughly 36% of all provincial foreign debt, compared with about 30% two years earlier. The gap with Punjab has narrowed to under $800 million.
External loans are funds borrowed from abroad—often through multilateral lenders or other foreign creditors—and must be repaid in foreign currency. Heavier provincial borrowing can feed into future budget pressure if repayment and interest costs rise, though these figures alone do not show how the money was spent.
Timeline: what has happened so far
- June 2024: Sindh’s foreign loans stood at $3.777 billion; the provincial total across units was lower by $2.821 billion than the mid-2026 level.
- June 2024–June 2026: Sindh’s external stock rose by $1.839 billion (nearly 49%); KP rose 25%; Punjab about 6%.
- June 2026: Combined provincial foreign debt reached $15.63 billion; Sindh held $5.616 billion and about 36% of the provincial share.
- June 2026: Punjab remained the largest debtor at $6.402 billion; AJK was the only region with a lower foreign-loan balance than two years earlier.
Aasan alfaaz mein
Sindh ne do saal mein bahar se liye gaye qarzon mein lagbhag 49% izafa kiya hai. Ab yeh qarz $5.616 billion tak pohonch gaya hai. Tamam provinces mil kar zyada qarz le rahe hain, lekin sab se tez izafa Sindh ka hai. Aam logon ke liye seedha matlab yeh hai ke mustaqbil mein provincial budget par wapsi aur sood ka bojh barh sakta hai.
