Pakistan’s federal government debt rose by 1.7 percent month-on-month (MoM) in April 2026, reaching Rs. 81.93 trillion, according to the latest data released by the State Bank of Pakistan (SBP).
On a year-on-year (YoY) basis, the country’s central government debt has increased by 9.3 percent, compared to Rs. 74.9 trillion recorded in April 2025.
The data also highlights the pace of accumulation, showing that Pakistan’s national debt has been increasing at an average rate of approximately Rs. 802 million per hour (around Rs. 80 crore), equivalent to nearly Rs. 13.4 million per minute over the past year.
Domestic Debt Shows Steady Increase
The SBP figures indicate that central government domestic debt also continued its upward trend, rising by 11 percent year-on-year and 0.9 percent month-on-month to reach Rs. 58.089 trillion in April 2026.
Within the domestic debt structure, both long-term and short-term borrowing recorded notable increases during the year.
Breakdown of Domestic Borrowing
Long-term public debt rose significantly from Rs. 44.135 trillion to Rs. 47.472 trillion, reflecting increased reliance on extended maturity instruments.
At the same time, short-term debt also expanded, climbing from Rs. 8.326 trillion to Rs. 10.557 trillion over the same period. The rise indicates continued dependence on short-term financing to meet fiscal requirements amid ongoing budgetary pressures.
Broader Fiscal Pressure Remains
The latest figures underline persistent fiscal challenges for the federal government, as rising debt levels continue to reflect higher borrowing needs to finance budget deficits and manage repayments.
Economists often view the mix of increasing short-term and long-term debt as an indicator of liquidity pressure in the domestic financial system, particularly when rollover requirements remain high.
With debt levels continuing to rise steadily, attention remains on how future fiscal policy measures and economic reforms will help stabilize Pakistan’s medium-term debt trajectory.
