Pakistan’s per capita debt has surged to approximately Rs325,000 as total public debt rose by 1.1% in the first half of FY26, reaching Rs81,374 billion ($290.6 billion), the Finance Division reported.
The debt stock is composed of 68% domestic and 32% external liabilities. Domestic debt increased 1.6% to Rs55,363 billion, while external debt rose 1.2% to $92.87 billion.
Officials said domestic borrowing relied primarily on Pakistan Investment Bonds, followed by Market Treasury Billsand Government Ijarah Sukuk, with Shariah-compliant instruments showing the highest growth Ijarah Sukuk rose 13% during the period. The stock of Pakistan Investment Bonds and Treasury Bills declined slightly due to contained borrowing and greater reliance on Sukuk instruments.
The maturity profile of domestic debt improved modestly, with short-term debt reduced and the average time to maturity increasing to 3.99 years by December 2025.
Separately, officials told a Senate committee that external debt exceeded Rs21 trillion, noting that the rise in overall debt is linked to fiscal deficits, driven by expenditures surpassing revenues, with oil imports cited as a key factor.
Lawmakers expressed concern over the continuing increase in national debt and emphasized the need for stronger fiscal management and debt control measures. While domestic debt is regularly serviced, much of it is refinanced through additional borrowing, highlighting the ongoing fiscal challenges facing Pakistan.
