Islamabad: Pakistan’s total government domestic debt and liabilities reached Rs54.82 trillion in November 2025, reflecting a 12.12% increase compared to Rs48.89 trillion recorded in November 2024, according to the latest data released by the State Bank of Pakistan (SBP). Sequentially, domestic debt and liabilities rose by 1.2% compared to October 2025, which stood at Rs54.17 trillion.
A breakdown of the data shows that permanent debt accounted for the largest portion of the total, reaching Rs42.66 trillion and marking a 19.67% year-on-year growth. This category included Rs41.76 trillion in federal government bonds, Rs475 billion in SBP’s on-lending to the government against Special Drawing Rights (SDRs) allocations, Rs421 billion worth of prize bonds, and a minor Rs3 billion in market loans.
In contrast, floating debt declined by 13.22% year-on-year, totaling Rs8.36 trillion in November 2025 compared to Rs9.64 trillion in the same period last year. Market Treasury Bills represented the majority of floating debt, amounting to Rs8.23 trillion.
Unfunded debt also increased, rising 10.63% year-on-year to Rs3.15 trillion in November 2025. This rise was largely driven by saving schemes, which climbed 11.35% year-on-year to Rs3.08 trillion, compared to Rs2.77 trillion in the same period last year.
Foreign currency loans also saw growth, reaching Rs381 billion in November 2025 from Rs373 billion in November 2024. Conversely, borrowing through Naya Pakistan Certificates declined by 18.99% year-on-year to Rs64 billion and fell 7.25% sequentially compared to Rs69 billion in October 2025.
Domestic liabilities of the government decreased significantly, dropping 35.48% year-on-year to Rs200 billion during the review month, indicating a moderation in short-term obligations amid rising overall debt levels.
Analysts note that the increase in permanent debt and federal bonds reflects Pakistan’s ongoing reliance on long-term financing instruments to meet fiscal needs, while reductions in floating debt and Naya Pakistan Certificates suggest cautious short-term borrowing strategies. The rising debt associated with saving schemes underscores continued domestic investor participation in government financing instruments.
The SBP data highlights the government’s overall debt profile, indicating a shift toward long-term financing and a mix of domestic and foreign currency instruments. Market watchers suggest that managing the growth of domestic liabilities and optimizing borrowing strategies will remain critical for fiscal sustainability in the coming months, especially in the context of broader macroeconomic pressures.
This latest report provides policymakers, investors, and financial analysts with essential insights into Pakistan’s debt dynamics, allowing for better assessment of fiscal risks and planning for debt management strategies.
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