Capital flight has been one of the major issues during the era of 70’s and 80’s, yet’ highly ignored. Thus’ ripple effect cause destructive, malign and harmful outcome that additionally worsened the Pakistan’s economic growth (Group, 2000). The rationale behind doing this research is to find determinants of capital flight and also, to check whether capital flight has some influential impact on economic growth, investment and debt servicing for Pakistan or not? The data set has been taken from 1980 to 2017 through ARDL and Bounds test. Firstly, the findings state that the past capital outflows, external debt, weak institutions, economic growth, inflation, current account balance, interest rate, exchange rate are significant factors for capital flight. Some of them are highly correlated while some are negatively related. Economic growth is negatively associated to capital flight both runs. The investment level has negative association with capital outflows only in the short run. At the end, debt service shows highly insignificant but negative coefficient of capital flight in both runs. As capital flight is one of the major issues of the developing economies like Pakistan. Steps should be taken to control the illegal or legal movement of capitals as it deteriorates the economic growth of the economy, and once economic growth falls, it becomes more difficult to regain its optimal level. In order to control capital outflows from the economy, the government should try to maintain interest rate, exchange rate, build strong institutions, control inflationary levels and control the debt levels of the economy Supervisor:- Dr. Karim Khan