Central govt debt rises to Rs77.5tr in November

January 06, 2026 (MLN): The total debt of the central government went up by 10.2% YoY to Rs77.54 trillion in November 2025, compared to Rs70.37tr in November 2024, the data released by the State Bank of Pakistan (SBP) showed.

Moreover, on a sequential basis, the central government debt rose by 0.74% MoM compared to Rs76.97tr in October 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 Rs54.62tr, comprising Rs46.19tr long-term debt, Rs8.36tr short-term debt and the remaining Rs64bn through Naya Pakistan Certificates.

The figures reported by the central bank for the domestic debt reflect a growth of 12.42% YoY and on a sequential basis a increase of 1.21%

By the end of November 2025, the government’s long-term debt increased by 18.84% YoY to Rs46.19tr as compared to Rs38.87tr recorded in the same period a year ago, while rising 1.54% MoM.

Conversely, the short-term debt decreased by -13.22% YoY to Rs8.36tr in the review month.

Within the long-term domestic debt, the Pakistan Investment Bonds (PIBs) accounted for the majority proportion and stood at Rs34.72tr, Up by 18.42% YoY and 1.39% MoM.

Meanwhile, in the short-term domestic debt, Market Treasury Bills (MTBs) were the dominant source of borrowing, amounting to Rs8.23tr, Down by 13.83% YoY and 0.75% MoM.

Borrowing through Naya Pakistan Certificates has declined by 18.99% YoY to stand at Rs64bn in November 2025.

Comparison on a monthly metric shows that in November, the government borrowed 7.25% less through these certificates compared to Rs69bn in the previous month.

A breakup of the central government's external debt shows that nearly Rs22.62tr came from long-term loans while Rs303bn came from short-term loans.

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