2 min read
The federal government’s total public debt has climbed to nearly Rs. 75 trillion, marking a significant increase of 13.4 percent year-on-year (YoY), according to recent figures released by the State Bank of Pakistan (SBP).
As of April 2025, Pakistan’s central government debt stood at Rs. 74.936 trillion, up from Rs. 66.088 trillion recorded in April 2024. This steady rise reflects the country’s increasing reliance on borrowing to manage fiscal challenges and development needs.
Compared to March 2025, the total debt rose by 1.7 percent, climbing from Rs. 73.688 trillion. This monthly uptick highlights ongoing fiscal pressure, despite efforts to control the national deficit.
The domestic component of the debt saw a sharper spike. It rose by 18.1 percent over the past year, increasing from Rs. 44.486 trillion in April 2024 to Rs. 52.523 trillion in April 2025. On a month-to-month basis, domestic debt registered a 2 percent increase.
A deeper look into the domestic figures reveals that long-term debt is driving much of the increase. The stock of long-term domestic debt surged by 25.3 percent, growing from Rs. 35.227 trillion to Rs. 44.132 trillion over the 12-month period.
In contrast to the long-term surge, short-term domestic debt experienced a 9.1 percent decline, falling from Rs. 9.166 trillion in April 2024 to Rs. 8.328 trillion in April 2025. This decline may signal a shift in the government’s borrowing strategy toward longer maturities, possibly to ease refinancing pressures in the short term.
