Govt domestic debt, liabilities surge by 23.43% YoY to Rs41tr in November

January 05, 2024 (MLN): The government's total domestic debt and liabilities have risen by 23.43% YoY to Rs41.54 trillion in November 2023, compared to Rs33.65tr in November 2022, the latest data released by the State Bank of Pakistan (SBP) showed.

On a sequential basis, the domestic debt and liabilities inched up 1.23% MoM compared to Rs41.03tr in October 2023.

According to details provided by the State Bank of Pakistan (SBP), the larger portion of the debt was permanent debt, which totaled Rs29.94tr, signifying a growth of 30.61% YoY.

This comprised Rs29.084tr 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 11.3% YoY in November to Rs7.624tr compared to Rs6.85tr in the same period last year.

Market Treasury Bills comprised the major proportion of the floating debt and stood at Rs7.543tr in November 2023.

On the other hand, the government's unfunded debt fell by 7.07% YoY to Rs2.882tr in November 2023, primarily due to a significant drop of 6.62% in saving schemes, which amounted to Rs2.786tr compared to Rs2.984tr in the same period last year.

Foreign currency loans rose significantly as they clocked in at Rs382.7bn in November 2023, compared to Rs9.4bn in November 2022.

Borrowing through Naya Pakistan Certificates also rose by 23.27% YoY to Rs125.5bn in November 2023.

Conversely, on a sequential basis, it fell by 2.53% MoM in November compared to Rs128.8bn in October 2023.

Moreover, the government's domestic liabilities fell by 12.68% YoY to stand at Rs581.8bn in November 2023.

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