Govt domestic debt, liabilities rise by 23.55% YoY to Rs43.16tr in January

March, 05 2024 (MLN): The total government domestic debt and liabilities have increased by 23.55% YoY to Rs43.16 trillion in January 2023, compared to Rs34.94tr in January 2022, the latest data released by the State Bank of Pakistan (SBP) showed.

On a sequential basis, domestic debt and liabilities have decreased by 0.08% MoM compared to Rs43.2tr in December 2023.

According to details provided by the State Bank of Pakistan (SBP), the larger portion of the debt was permanent debt, which totaled Rs30.96tr, signifying a growth of 26.66% YoY.

This comprised Rs30.1tr in federal government bonds, Rs474.9bn in SBP's on-lending to the government of Pakistan against SDRs allocation, Rs382.7bn worth of prize bonds, and the remaining Rs2.8bn in market loans.

The floating debt rose by 25.16% YoY in January to Rs8.38tr compared toRs6.69tr in the same period last year.

Market Treasury Bills comprised the major proportion of the total floating debt, and stood at Rs8.29tr in January 2023.

On the other hand, the government's unfunded debt fell by 8.13% YoY to Rs2.81tr in January 2023, primarily due to a significant drop of 7.79% YoY in saving schemes, which amounted to Rs2.72tr compared to Rs2.95tr in the SPLY.

Foreign currency loans increased significantly as they clocked in at Rs375.1bn in January 2023, compared to Rs11.27bn in January 2022.

Borrowing through Naya Pakistan Certificates reduced by 19.71% YoY to Rs103.6bn in January 2023.

Similarly, on a sequential basis, it fell by 12.73% MoM in January compared to Rs118.72bn in December.

Moving forward, domestic liabilities of the government dropped by 10.71% YoY and were reported at Rs538bn in the review month.

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