KARACHI - Countrys total stock of external debt and liabilities reduced by $1.44 billion to $54.235 billion during the third quarter (January-March) of current financial year, compared with $55.675 billion in second quarter (September-December) last year. According to fresh foreign debt and liabilities data posted by SBP on its website on Thursday, as on March 31, 2010, public and publicly guaranteed debt dropped to $43.462 billion during Jan-Mar FY10 compared to $44.615 billion in Sep-Dec last year. This decline in EDL stock was on account of $1.550 billion repayments of euro bonds and $14.017 billion of Paris Club and long-term debt. Within public guaranteed debt, multilateral debt decreased to $40.910 billion however, within publicly guaranteed debt increased to $169 billion during Jan-Mar FY10 compared to $42.310 billion and $166 billion in the corresponding period last year. The loans were provided mainly by IDA surged to $600 billion as against $322 billion past year. The loan received from IMF under SBA declined to $7.206 billion as against $7.494 billion in the reported period last year. It may be mentioned that IMF external debt sustainability analysis shows that debt to GDP ratio would increase from 30.5 percent in FY09 to 34.3 percent in FY12, after which it would start to decline during next two years and drop to 31.0 percent in FY14 mainly on the basis of reasonable growth of 5-5.5 percent and no change in other factors. Similarly, the debt services to exports of goods and services is estimated to rise from 13.2 percent in FY09 to 20 percent in FY14 period largely on account of repayments of IMF loans. This future outlook is based on the assumption of higher non-interest current account deficit, slower growth, larger depreciation, higher interest rate and lower FDI inflows.