Pakistan’s government debt decreased by Rs. 456 billion, or 1.0 percent, on a month-on-month basis in October, reaching Rs. 69.1 trillion, according to data released by the State Bank of Pakistan.
However, the federal government’s total public debt stock increased by 10.6 percent on a year-on-year (YoY) basis in October 2024, reaching Rs. 69.114 trillion compared to Rs. 62.483 trillion in October 2023, according to the latest data released by the State Bank of Pakistan (SBP).
The data reveals that the domestic debt of the central government rose sharply by 16.9 percent over the past year, increasing from Rs. 40.41 trillion in October 2023 to Rs. 47.23 trillion in October 2024. On a monthly basis, domestic debt fell slightly by 0.6 percent compared to the previous month.
Breaking down the domestic debt, the long-term public debt increased from Rs. 31.293 trillion in October 2023 to Rs. 36.974 trillion in October 2024. Similarly, the stock of short-term debt rose from Rs. 8.988 trillion to Rs. 10.181 trillion during the same period.
While the report focuses on domestic debt, it is worth noting that China remains Pakistan’s largest financier, providing nearly $29 billion in loans in 2023, further highlighting the country’s reliance on external borrowing to meet its financial needs.
