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Apart from reporting the traditional debt ratios, two theoretical models are used to derive and assess the necessary and sufficient conditions for public and external debt sustainability of Pakistan. Our main findings are that the primary fiscal and current account imbalances were the main causes of public debt sustainability issue. Both the public and external debt ratios have remained far from the sustainable levels during 1970s to 2000s. Results based on debt sustainability conditionsfatcat:nct6yo2lmzds5hq47chuof4mvy