Govt domestic debt, liabilities nears Rs55tr in November

January 06, 2026 (MLN): The total government domestic debt and liabilities have increased by 12.12% to Rs54.82 trillion in November 2025, compared to Rs48.89tr in November 2024, the latest data released by the State Bank of Pakistan (SBP) showed.

On a sequential basis, domestic debt and liabilities have risen by 1.2% compared to Rs54.17tr in October 2025.

According to details provided by the State Bank of Pakistan (SBP), the larger portion of the debt was permanent debt, which totaled Rs42.66tr, signifying a growth of 19.67% YoY.

This comprised Rs41.76tr in federal government bonds, Rs475bn in SBP's on-lending to the government of Pakistan against SDRs allocation, Rs421bn worth of prize bonds, and the remaining Rs3bn in market loans.

The floating debt dropped by 13.22% in November to Rs8.36tr compared toRs9.64tr in the same period last year.

Market Treasury Bills comprised the major proportion of the total floating debt, and stood at Rs8.23tr in November 2025.

On the other hand, the government's unfunded debt increased by 10.63% YoY to Rs3.15tr in November 2025, primarily due to a significant rise of 11.35% YoY in saving schemes, which amounted to Rs3.08tr compared to Rs2.77tr in the SPLY.

Foreign currency loans increased significantly as they clocked in at Rs381bn in November 2025, compared to Rs373bn in November 2024.

Borrowing through Naya Pakistan Certificates also reduced by 18.99% YoY to Rs64bn in November 2025.

Similarly, on a sequential basis, it fell by 7.25% in November compared to Rs69bn in October.

Moving forward, domestic liabilities of the government dropped by 35.48% YoY and were reported at Rs200bn in the review month.

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