Govt domestic debt, liabilities rise by 24.19% YoY to Rs43.16tr in February

April 04, 2024 (MLN): The total government domestic debt and liabilities have increased by 24.19% YoY to Rs43.16 trillion in February 2024, compared to Rs34.75tr in February 2023, the latest data released by the State Bank of Pakistan (SBP) showed.

On a sequential basis, domestic debt and liabilities have remained relatively unchanged compared to Rs43.16tr in January 2024.

According to details provided by the State Bank of Pakistan (SBP), the larger portion of the debt was permanent debt, which totaled Rs31.44tr, signifying a growth of 27.31% YoY.

This comprised Rs30.58tr in federal government bonds, Rs474.94bn in SBP's on-lending to the government of Pakistan against SDRs allocation, Rs383.13bn worth of prize bonds, and the remaining Rs2.84bn in market loans.

The floating debt rose by 26.35% YoY in February to Rs7.95tr compared to Rs6.29tr in the same period last year.

Market Treasury Bills comprised the major proportion of the total floating debt, and stood at Rs7.87tr in February 2024.

On the other hand, the government's unfunded debt fell by 7.27% YoY to Rs2.8tr in February 2024, primarily due to a significant drop of 6.89% YoY in saving schemes, which amounted to Rs2.71tr compared to Rs2.92tr in the SPLY.

Foreign currency loans increased significantly as they clocked in at Rs374.59bn in February 2024, compared to Rs11.01bn in February 2023.

Borrowing through Naya Pakistan Certificates also reduced by 23.76% YoY to Rs99.19bn in February 2024.

Similarly, on a sequential basis, it fell by 4.26% MoM in February compared to Rs103.6bn in January.

Moving forward, domestic liabilities of the government dropped by 17.91% YoY and were reported at Rs490.95bn in the review month.

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