Sustainability performance has become critical to every industry. The study examines the effect of Multiple debt finances on financial performance and GRI sustainability economic performance, measured through GRI 201-1, economic performance approach, for period from 2007-2020. The study applied mixed panel regression models to analyse the sample of 253 non-financial firms from diplomatic developing ties, namely Pakistan and India. The empirical findings shows that short-run debts have significant positive, but long-term and total debts have significant negative performance effects. However, firm size and asset tangibility have performance effects for non-financial firms of Pakistan and India. The study applied trade off theory for supporting the implication of GRI sustainability economic performance.