As of 2021, the current state of Pakistan's public debt is relatively high. According to the World Bank, Pakistan's public debt as a percentage of GDP was around 85.8% in 2021. This is considered to be a relatively high level of public debt, as many countries aim to maintain public debt levels below 60% of GDP.
There are several factors that have contributed to the current high level of Pakistan's public debt. One factor is the country's high budget deficit, which means that the government has been spending more money than it has been receiving in revenue. To finance this deficit, the government has had to borrow money, which has led to an increase in public debt.
Another factor is the high level of inflation in Pakistan, which has reduced the value of the country's outstanding debt. As prices rise, the real value of the debt declines, which means that the government has to borrow more money to maintain the same level of debt.
Finally, the Pakistani rupee has weakened against other major currencies in recent years, which has also contributed to the increase in public debt. As the value of the rupee has fallen, the government has had to pay more in local currency to service its foreign-currency denominated debt.
Overall, the current state of Pakistan's public debt is relatively high due to a combination of economic and financial factors.