The federal government’s total public debt stock surged by 11% year-on-year (YoY) in November 2024, reaching Rs. 70.363 trillion, compared to Rs. 63.390 trillion in the same month last year, according to the latest data released by the State Bank of Pakistan (SBP).

On a month-on-month (MoM) basis, the public debt stock increased by 1.8%, rising from Rs. 69.114 trillion in October 2024. The steady increase highlights the growing fiscal challenges faced by the government.

The data reveals that the central government’s domestic debt experienced a sharp rise of 18.6% YoY, climbing from Rs. 40.956 trillion in November 2023 to Rs. 48.585 trillion in November 2024. On a monthly basis, domestic debt rose by 2.9% compared to October 2024.

Breaking down the domestic debt further, long-term public debt increased from Rs. 33.206 trillion in November 2023 to Rs. 38.968 trillion in November 2024. Meanwhile, short-term debt also significantly jumped, rising from Rs. 7.624 trillion to Rs. 9.637 trillion over the same period.

The consistent increase in public debt, both annually and monthly, underscores the mounting fiscal pressures on the federal government. The rise in domestic debt, particularly in long-term and short-term borrowing, reflects the government’s reliance on internal financing to meet its budgetary needs.