Govt domestic debt, liabilities rise 11.5% YoY in March 2026

May 13, 2026 (MLN): The total government domestic debt and liabilities have increased by 11.51% to Rs57.69 trillion in March 2026, compared to Rs51.74tr in March 2025, the latest data released by the State Bank of Pakistan (SBP) showed.

On a sequential basis, domestic debt and liabilities have risen by 1.54% compared to Rs56.82tr in February 2026.

According to details provided by the State Bank of Pakistan (SBP), the larger portion of the debt was permanent debt, which totaled Rs44.32tr, signifying a growth of 9.26% YoY.

This comprised Rs43.42tr in federal government bonds, Rs474.9bn in SBP's on-lending to the government of Pakistan against SDRs allocation, Rs427.2bn worth of prize bonds, and the remaining Rs2.8bn in market loans.

The floating debt rose by 21.92% in March to Rs9.58tr compared toRs7.86tr in the same period last year.

Market Treasury Bills comprised the major proportion of the total floating debt, and stood at Rs9.46tr in March 2026.

Similarly, the government's unfunded debt increased by 9.53% YoY to Rs3.22tr in March 2026, primarily due to a significant rise of 10.08% YoY in saving schemes, which amounted to Rs3.15tr compared to Rs2.86tr in the SPLY.

Foreign currency loans increased significantly as they clocked in at Rs387.3bn in March 2026, compared to Rs95.8bn in March 2025.

Borrowing through Naya Pakistan Certificates also reduced by 5.1% YoY to Rs59.5bn in March 2026.

Similarly, on a sequential basis, it fell by 10.79% in March compared to Rs66.7bn in February.

Moving forward, domestic liabilities of the government dropped by 42.1% YoY and were reported at Rs128.2bn in the review month.

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