Islamabad – The Government of Pakistan has acquired an additional debt of Rs183.17 billion during the week ending January 9, 2026, taking the total net borrowings for fiscal year 2026 to Rs217.88 billion, according to the latest weekly estimates released by the State Bank of Pakistan (SBP).
Government sector borrowings are broadly categorized into three segments based on purpose: budgetary support, commodity operations, and others. In the latest week, net borrowings for budgetary support amounted to Rs196.04 billion, while net retirement for commodity operations stood at Rs12.87 billion. A marginal Rs7 million was retired under the “others” category.
Cumulatively for FY26, total borrowings now stand at Rs225.67 billion for budgetary support, Rs9.5 billion for commodity operations, and Rs1.71 billion under others. The major sources of financing for budgetary support remain the State Bank of Pakistan and scheduled banks.
This fiscal year, the government has repaid a net sum of Rs1.52 trillion to the central bank. Breaking this down, the Federal Government retired Rs1.55 trillion, while the Provincial Government borrowed Rs80.7 billion. Similarly, the AJK Government retired Rs24.41 billion, and the GB Government retired Rs19.75 billion.
Scheduled banks have also been active counterparties in government borrowing. A net total of Rs1.29 trillion has been lent to scheduled banks this fiscal year, with the Federal Government borrowing Rs1.49 trillion and Provincial Governments retiring Rs194.87 billion.
The weekly borrowing trends highlight the government’s ongoing reliance on both domestic sources to meet budgetary requirements and manage liquidity in the economy. The largest portion continues to flow toward budgetary support, underscoring the importance of fiscal planning and debt management to maintain macroeconomic stability.
The cumulative borrowings for FY26 reflect the government’s balancing act between meeting current fiscal obligations and managing the overall debt profile. By strategically engaging with the central bank and scheduled banks, Pakistan is aiming to maintain financial sustainability while ensuring sufficient liquidity for operational and developmental needs.
As fiscal year 2026 progresses, close monitoring of borrowing patterns, repayments, and sector-wise allocations will remain critical for economic analysts, investors, and policymakers to assess the government’s fiscal health and the impact on overall macroeconomic stability.
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