Pakistan’s external borrowing surged by around 200% year-on-year to $5.45 billion in the first three months of fiscal year 2026-27, according to government documents.

The country borrowed $5.4496 billion from external sources between July and September, up approximately $3.63 billion from the $1.81 billion received during the same period last fiscal year.

According to the Economic Affairs Division, the government raised $2.94 billion through international bonds during the quarter. Another $942.7 million came through the issuance of Naya Pakistan Certificates, while external commercial banks provided $300 million.

Pakistan also received $894.1 million from multilateral development partners and $58.1 million from various countries.

Among international lenders, the World Bank provided $359 million, while the Asian Development Bank (ADB) extended $153.5 million during the first quarter.

In rupee terms, Pakistan secured external loans equivalent to Rs. 1.515 trillion during July-September, exceeding the amount received in the corresponding period last year by more than Rs. 1 trillion.

The borrowing included more than Rs. 1.26 trillion in non-project loans, which are not tied to specific development projects. Another Rs. 254.8 billion was received as project financing for various schemes.

The figures highlight a sharp increase in the government’s reliance on external financing during the opening quarter of the current fiscal year.