This paper examines a time-series analysis of external debts accumulated by Pakistan over the past three decades of its existence. Thus, data from 1970 till 2016 has been taken up to formulate time series analysis. This time period has some incredible characteristics as it has witnessed almost all major happenings in the seven decade history of the nation. Therefore, analyzing the same, this shall presumably present a very decent picture of the forth coming debt of the economy. Finding of this research can be used by econometricians in analyzing the actual debt growth by deducting the trend factors; in addition, this may also be used by economists to forecast the contribution of external debt towards actual growth in GDP and/or other government spending.