Central govt debt surges by 8% YoY in September

November 13, 2026 (MLN): The total debt of the central government rose by 7.9% YoY to Rs82.66 trillion in September 2026, compared to Rs76.61tr in September 2025, the data released by the State Bank of Pakistan (SBP) showed.

Moreover, on a sequential basis, the central government debt fell by 0.3% MoM compared to Rs82.91tr in August 2026.

As per details made available by SBP, the larger portion of the debt was domestic and stood at Rs57.76tr, comprising Rs47.92tr long-term debt, Rs9.77tr short-term debt and the remaining Rs76bn through Naya Pakistan Certificates.

The figures reported by the central bank for the domestic debt reflect an increase of 8.11% YoY and on a sequential basis a decline of 1.62%

By the end of September 2026, the government’s long-term debt surged by 6.56% YoY to Rs47.92tr as compared to Rs44.96tr recorded in the same period a year ago, while decreasing 0.3% MoM.

Similarly, the short-term debt increased by 16.28% YoY to Rs9.77tr in the review month.

Within the long-term domestic debt, the Pakistan Investment Bonds (PIBs) accounted for the majority proportion and stood at Rs33.54tr, Down by 1.26% YoY and 2.27% MoM.

Meanwhile, in the short-term domestic debt, Market Treasury Bills (MTBs) were the dominant source of borrowing, amounting to Rs9.64tr, up by 16.64% YoY, while down by 7.58% MoM.

Borrowing through Naya Pakistan Certificates has risen by 21.41% YoY to stand at Rs76bn in September 2026.

Comparison on a monthly metric shows that in September, the government borrowed 13.64% less through these certificates compared to Rs88bn in the previous month.

A breakup of the central government's external debt shows that nearly Rs22.39tr came from long-term loans while Rs2.51tr came from short-term loans.

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