Central govt debt rises to Rs78.5 tr in December

February 11, 2026 (MLN): The total debt of the central government went up by 9.6% YoY to Rs78.53 trillion in December 2025, compared to Rs71.65tr in December 2024, the data released by the State Bank of Pakistan (SBP) showed.

Moreover, on a sequential basis, the central government debt surged by 1.28% MoM compared to Rs77.54tr in November 2025.

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 Rs55.36tr, comprising Rs46.56tr long-term debt, Rs8.74tr short-term debt and the remaining Rs62.1bn through Naya Pakistan Certificates.

The figures reported by the central bank for the domestic debt reflect an increase of 10.98% YoY and on a sequential basis a increase of 1.38%

By the end of December 2025, the government’s long-term debt rose by 13.26% YoY to Rs46.56tr as compared to Rs41.11tr recorded in the same period a year ago, while rising 0.81% MoM.

Similarly, the short-term debt increased by 0.55% YoY to Rs8.74tr in the review month.

Within the long-term domestic debt, the Pakistan Investment Bonds (PIBs) accounted for the majority proportion and stood at Rs34.93tr, Up by 11.9% YoY and 0.62% MoM.

Meanwhile, in the short-term domestic debt, Market Treasury Bills (MTBs) were the dominant source of borrowing, amounting to Rs8.61tr, Up by 0.1% YoY and 4.62% MoM.

Borrowing through Naya Pakistan Certificates has declined by 23.33% YoY to stand at Rs62.1bn in December 2025.

Comparison on a monthly metric shows that in December, the government borrowed 3.27% less through these certificates compared to Rs64.2bn in the previous month.

A breakup of the central government's external debt shows that nearly Rs22.86tr came from long-term loans while Rs304.8bn came from short-term loans.

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