Govt domestic debt, liabilities rises by 23.44% YoY to Rs41tr in October

December 05, 2023 (MLN): The total government domestic debt and liabilities have risen by 23.44% YoY to Rs41.033 trillion in October 2023, compared to Rs33.24tr in October 2022, the latest data released by the State Bank of Pakistan (SBP) showed.

On a sequential basis, the debt of total government domestic debt and liabilities have inched up by 1.64% MoM compared to Rs40.372tr in September 2023.

According to details provided by the State Bank of Pakistan (SBP), the larger portion of the debt was permanent debt, which totaled Rs28.033tr, signifying a growth of 24.22% YoY.

This comprised Rs27.173tr in federal government bonds, Rs474.9 billion in SBP's on-lending to the government of Pakistan against SDRs allocation, Rs382.2bn worth of prize bonds, and the remaining Rs2.8bn in market loans.

The floating debt rose by 32.9% YoY in October to Rs8.988tr compared to Rs6.763tr in the same period last year.

Out of the total floating debt, Market Treasury Bills comprised the major proportion and stood at Rs8.91tr in October 2023.

On the other hand, the government's unfunded debt fell by 7.42% YoY to Rs2.882tr in October 2023, primarily due to a significant drop of 7.04% in saving schemes, which amounted to Rs2.785tr compared to Rs2.996tr in the same period last year.

Foreign currency loans rose significantly as they clocked in at Rs377.8bn in October 2023, compared to Rs9.3bn in October 2022.

Borrowing through Naya Pakistan Certificates also rose by 25.23% YoY to Rs128.81bn in October 2023.

Similarly, on a sequential basis, it rose by 6.69% MoM in October compared to Rs120.7bn in September 2023.

Moreover, domestic liabilities of the government fell by 8.85% YoY to stand at Rs623.39bn in October 2023.

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