Sindh’s foreign debt has jumped by $1.839 billion, or nearly 49 percent, in just two years, the highest increase among all provinces, according to a Ministry of Finance document.
The province’s outstanding foreign loans rose from $3.777 billion in June 2024 to $5.616 billion by June 2026. Punjab still carries the largest foreign debt in the country, but its loans grew at a much slower pace.
How Other Provinces Compare
Khyber Pakhtunkhwa’s foreign debt increased by $595 million, or 25 percent, from $2.378 billion in June 2024 to $2.973 billion in June 2026.
Punjab added $376 million, a rise of about 6 percent, taking its outstanding foreign debt from $6.026 billion to $6.402 billion, the highest of any province.
Balochistan’s foreign debt went up by $33 million, from $357 million to $390 million, while Gilgit-Baltistan’s rose by $7 million, from $62 million to $69 million.
Azad Jammu and Kashmir was the only region to cut its foreign debt, which fell by $29 million, from $209 million to $180 million.
Sindh Drives Most of the Increase
The combined foreign debt of the provincial governments rose by $2.821 billion over the two years to $15.63 billion by June 2026.
Sindh alone accounted for about 65 percent of that increase. It now holds roughly 36 percent of all provincial foreign debt, up from about 30 percent two years ago, narrowing the gap with Punjab to less than $800 million.
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