Yes, this is true only in as much as our primary CAD has been negative and this we take out loans to pay off the old loans and to finance the negative primary CAD. This is why people like us were screaming against Ishaq Dar but all the Noonies were high on the heroin of cheap dollars.If you see https://www.macrotrends.net/countries/PAK/pakistan/external-debt-stock
For the last 10 years, Pakistan has been accumulating net new debt at a steep clip. This is a fundamental structural defect that can't be covered with a band-aid. Put simply, Pakistan has been living way beyond its productive capacity (from external perspective) for too long. The alternatives are greatly enhance exports + remittances or greatly diminish imports.