The total domestic debt and liabilities of the central government rose by 10.37 percent year-on-year, reaching 58.22 trillion rupees by the end of April 2026. According to the latest statistical bulletin issued by the State Bank of Pakistan, this figure marks a noticeable expansion when contrasted with the 52.74 trillion rupees logged during the same month last year. On a sequential month-on-month basis, the state’s internal financial obligations registered a growth of 0.9 percent compared to the 57.69 trillion rupees reported at the close of March 2026.
Data provided by the central bank reveals that permanent debt continued to hold the largest share of the domestic portfolio, totaling 43.85 trillion rupees and reflecting a year-on-year expansion of 6.52 percent. This permanent component is structurally comprised of 42.94 trillion rupees in federal government bonds, 475 billion rupees in SBP’s on-lending allocations to the government against Special Drawing Rights, 429 billion rupees worth of prize bonds, and a residual 3 billion rupees in legacy market loans.
In contrast, the state’s floating debt registered a sharp increase of 26.8 percent over the twelve-month cycle, climbing to 10.56 trillion rupees in April 2026 from 8.33 trillion rupees in the same period last year. Short-term Market Treasury Bills remained the primary driving force behind this category, accounting for a massive 10.43 trillion rupees of the total floating debt stock. Concurrently, the government’s unfunded debt expanded by 9.21 percent year-on-year to hit 3.24 trillion rupees, largely pushed up by a 9.72 percent annual growth in national saving schemes, which reached 3.17 trillion rupees compared to 2.89 trillion rupees in the same period of the previous year.
The review month also highlighted a significant increase in foreign currency loans, which surged to 391 billion rupees in April 2026 from just 12 billion rupees recorded in April 2025. Conversely, public capital mobilization via the specialized Naya Pakistan Certificates framework experienced a minor reduction of 3.23 percent year-on-year, sliding down to 60 billion rupees. On the liabilities front, the government managed a significant reduction as domestic liabilities dropped by 42.73 percent year-on-year, falling to 126 billion rupees for the month under review.
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