Opinion
Record Reserves Are Welcome. The Real Test Is Exports
Bilal Javed on why record reserves of $26.9bn do not settle Pakistan's economic story: the trade gap, the debt and the export target all point to the same test.
Pakistan external debt
Pakistan external debt: 3 The Indus Compass stories. Latest: Record Reserves Are Welcome. The Real Test Is Exports. Key developments, background and analysis.
3 stories on Pakistan external debt since 5 November 2026; the latest was published on 7 November 2026.
Key developments
- Record Reserves Are Welcome. The Real Test Is ExportsTotal reserves hit a record $26.86bn, and the State Bank added about $5bn since the Gulf war began, a real achievement.
- Record reserves of $26.9bn, but external debt has doubled in a decadePakistan's total foreign exchange reserves rose to a record $26.864bn in the week to the latest State Bank report, up $110m on the week before.
- Saudi Arabia rolls over $3bn loan to Pakistan as US facility fadesFinance Minister Muhammad Aurangzeb said Saudi Arabia has extended the $3bn financing it gave Pakistan in April, which matured on October 31, for 'a reasonable period' he did not specify.
Economy
Record reserves of $26.9bn, but external debt has doubled in a decade
Pakistan's total foreign exchange reserves hit a record $26.86bn, but the World Bank says external debt rose from $68.7bn in 2015 to $135.1bn in 2025.
Economy
Saudi Arabia rolls over $3bn loan to Pakistan as US facility fades
Finance Minister Aurangzeb confirmed Saudi Arabia has extended its $3bn financing to Pakistan, as the proposed $10bn US facility looks increasingly unlikely.