The total debt stock of the central government experienced a year-on-year increase of 9.33 percent, climbing to a substantial 81.93 trillion rupees by the end of April 2026. Official data released by the State Bank of Pakistan highlights a visible accumulation of liabilities when measured against the 74.94 trillion rupees recorded during the corresponding month of the previous year. On a sequential basis, the government’s fiscal obligations expanded by 1.75 percent month-on-month, rising from the 80.52 trillion rupees registered at the close of March 2026. Financial experts attribute this steady year-on-year expansion primarily to unavoidable state borrowing from both domestic capital markets and foreign institutional lenders to bridge the persistent national fiscal deficit.
According to the comprehensive breakdown provided by the central bank, the domestic component continued to represent the lion’s share of the state’s total liabilities, standing at 58.09 trillion rupees by late April. This domestic portfolio is structurally divided into 47.47 trillion rupees of long-term commitments, 10.56 trillion rupees of short-term liabilities, and a remaining 60 billion rupees raised via the Naya Pakistan Certificates network. The latest figures for domestic borrowing reflect a 10.6 percent year-on-year jump, alongside a minor sequential increase of 0.91 percent when tracked against the preceding month’s data.
A closer look at the long-term domestic debt reveals an increase of 7.56 percent year-on-year to 47.47 trillion rupees compared to the 44.14 trillion rupees logged during the same period last year, though it experienced a slight month-on-month contraction of 0.94 percent. Within this specific category, Pakistan Investment Bonds remained the primary instrument, accounting for 35.04 trillion rupees—marking a 2.09 percent increase year-on-year but a 1.8 percent dip month-on-month. Conversely, the short-term domestic debt portfolio witnessed an aggressive surge of 26.8 percent year-on-year to hit 10.56 trillion rupees, with Market Treasury Bills serving as the dominant borrowing tool at 10.43 trillion rupees, representing an upward move of 26.76 percent year-on-year and 10.29 percent month-on-month.
In contrast to traditional securities, public capital mobilization through the specialized Naya Pakistan Certificates slowed down, dropping by 3.38 percent year-on-year to settle at 60 billion rupees. Monthly performance metrics indicate that the government pulled in zero net fresh inflows through these certificates during April, keeping the volume flat compared to the 60 billion rupees recorded in March. Finally, a parallel audit of the central government’s external debt structures shows that international liabilities are split between approximately 19.73 trillion rupees in long-term foreign loans and 4.11 trillion rupees secured via short-term external credit facilities.
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