Pakistan’s total government domestic debt and liabilities increased by 8.93% year on year to Rs59.57 trillion in June 2026, compared with Rs54.69 trillion recorded in June 2025, according to the latest data released by the State Bank of Pakistan. On a sequential basis, the government’s domestic debt and liabilities also recorded an increase of 2.28%, rising from Rs58.24 trillion in May 2026. The latest figures show that the overall domestic debt position expanded during the month, with permanent debt continuing to represent the largest component of the government’s outstanding domestic obligations. The increase in the total stock reflects changes across several categories of government borrowing, including permanent debt, floating debt, unfunded debt and other liabilities.
Permanent debt stood at Rs44.77 trillion in June 2026, registering a year-on-year increase of 5.96%. Federal government bonds accounted for the overwhelming share of this category, with an outstanding amount of Rs43.86 trillion. The permanent debt position also included Rs474.94 billion in State Bank of Pakistan on-lending to the Government of Pakistan against Special Drawing Rights allocation, while prize bonds accounted for Rs431.7 billion. The remaining Rs2.8 billion was recorded as market loans. The composition indicates that federal government bonds remained the principal instrument within the permanent domestic debt stock, while other components represented comparatively smaller portions of the overall category.
Floating debt recorded a sharper annual increase during June 2026, rising 24.8% to Rs10.93 trillion from Rs8.76 trillion in June 2025. Market Treasury Bills made up the major portion of the floating debt and stood at Rs10.8 trillion during the month. The increase in floating debt was therefore largely associated with the higher outstanding stock of Market Treasury Bills. The data also showed an increase in the government’s unfunded debt, which climbed 8.7% year on year to Rs3.28 trillion in June 2026. Saving schemes accounted for most of the unfunded debt, reaching Rs3.21 trillion compared with Rs2.94 trillion in the same period of the previous year, representing a 9.12% annual increase.
Foreign currency loans also increased during the review period, reaching Rs392.7 billion in June 2026 compared with Rs380.4 billion in June 2025. Borrowing through Naya Pakistan Certificates similarly recorded year-on-year growth, increasing 8.24% to Rs67 billion. However, the Naya Pakistan Certificates position declined on a monthly basis, falling 11.96% from Rs76.1 billion in May 2026. The movement in these categories reflects different changes in the government’s borrowing position during the month, with some components recording annual increases while showing declines compared with their previous month levels. Despite the monthly reduction in Naya Pakistan Certificates, the amount remained higher than the corresponding figure recorded a year earlier.
Meanwhile, the government’s domestic liabilities moved lower during June 2026. Domestic liabilities declined by 39.12% year on year to Rs131.5 billion during the month under review. This decline contrasted with the broader increase in the government’s domestic debt stock, which reached Rs59.57 trillion by June. The State Bank of Pakistan data therefore showed varying movements across the different categories of government domestic financing and liabilities. Overall, permanent debt remained the largest component at Rs44.77 trillion, while floating debt reached Rs10.93 trillion after registering the strongest year-on-year growth among the major debt categories. The figures provide a detailed snapshot of Pakistan’s government domestic debt position at the close of June 2026, with total domestic debt and liabilities standing higher than both the June 2025 and May 2026 levels.
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