VCheng
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it doesnt matter if you have debts. debts are retired and new are taken, a standard practice.
problem is that if there is risk of being defaulted or if debt goes too much high(generally speaking more than 60-80% of GDP) then it will be difficult to get loans.
You are correct in saying that taking on debt and repaying it is standard practice.
What you intentionally ignore is the fact the a country has to be able to produce enough goods and services that other countries are willing to buy at competitive prices in the global markets to be able to repay those debts. Keep that in mind and one can see that Pakistan is, and will, continue to have much greater problems than many other comparable countries in repaying its debts, even when the percentages are lower.
For example, please consider the following claim:
Complete year export target is 27Billion dollars
and 50Billion dollars within the next 3-4years
What is it that Pakistan can produce in the next 3 or 4 years that will nearly double its exports, realistically speaking?