Central govt debt rises by 9% YoY to Rs82tr in April

June 09, 2026 (MLN): The total debt of the central government went up by 9.33% YoY to Rs81.93 trillion in April 2026, compared to Rs74.94tr in April 2025, the data released by the State Bank of Pakistan (SBP) showed.

Moreover, on a sequential basis, the central government debt surged by 1.75% MoM compared to Rs80.52tr in March 2026.

The year-on-year increase in debt burden is primarily attributed to borrowing from domestic and foreign sources to cover the fiscal deficit.

As per details made available by SBP, the larger portion of the debt was domestic and stood at Rs58.09tr, comprising Rs47.47tr long-term debt, Rs10.56tr short-term debt and the remaining Rs60bn through Naya Pakistan Certificates.

The figures reported by the central bank for the domestic debt reflect an increase of 10.6% YoY and on a sequential basis a increase of 0.91%

By the end of April 2026, the government’s long-term debt increased by 7.56% YoY to Rs47.47tr as compared to Rs44.14tr recorded in the same period a year ago, while declining 0.94% MoM.

Conversely, the short-term debt surged by 26.8% YoY to Rs10.56tr in the review month.

Within the long-term domestic debt, the Pakistan Investment Bonds (PIBs) accounted for the majority proportion and stood at Rs35.04tr, up by 2.09% YoY, while down by 1.8% MoM.

Meanwhile, in the short-term domestic debt, Market Treasury Bills (MTBs) were the dominant source of borrowing, amounting to Rs10.43tr, Up by 26.76% YoY and 10.29% MoM.

Borrowing through Naya Pakistan Certificates has declined by 3.38% YoY to stand at Rs60bn in April 2026.

Comparison on a monthly metric shows that in April, the government borrowed 0% through these certificates compared to Rs60bn in the previous month.

A breakup of the central government's external debt shows that nearly Rs19.73tr came from long-term loans while Rs4.11tr came from short-term loans.

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