Pakistan’s Public Debt Increases by Rs. 14.3 Trillion in One Year
When compared to the same month in the prior fiscal year, the federal government’s total public debt of Pakistan stock climbed by 32.1 percent on a year-over-year (YoY) basis in May 2023.
The debt stock climbed to Rs. 58.962 trillion in May 2023 from Rs. 44.641 trillion in May 2022, a rise of Rs. 14.321 trillion, according to monthly figures released by the State Bank of Pakistan (SBP).
According to the data, the central government’s domestic debt climbed during that time by 27.6%, rising from Rs. 29.047 trillion to Rs. 37.054 trillion.
The stock of short-term debt climbed from Rs. 5.649 trillion to Rs. 7.434 trillion over the past year, while the long-term public debt increased from Rs. 23.367 trillion to Rs. 29.481 trillion.
The government raised Rs. 6.1 trillion through Federal Government Bonds, including Pakistan Investment Bonds, GOP Ijara Sukuk, and Bai-Muajjal of Sukuk during the previous year, which came out of the overall long-term debt. Federal Government Bonds now represent a total debt stock of Rs. 25.303 trillion, up from Rs. 19.110 trillion. Through the sale of Prize Bonds, the government raised Rs. 8 billion in just one year.
Regarding the SBP’s continued financing to the GOP in exchange for SDR allocation, the public debt remained at the same level of Rs. 475 billion. From Rs. 3,395 billion, the unfunded debt has dropped to Rs. 2,935 billion. From Rs. 8 billion to Rs. 383 billion throughout that time, foreign currency borrowing grew.
The data reveals that throughout the time, the central government’s external debt climbed by 40.5 percent, from Rs 15.594 trillion to Rs 21.908 trillion.
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