Pakistan\u2019s total central government debt rose to Rs79.32 trillion in January 2026, reflecting an increase in government borrowing over the past year.<\/p>\n
State Bank of Pakistan data showed central government debt at Rs72.12tr in January 2025, meaning the overall debt increased by Rs7.2tr, or roughly 10 per cent, over the past year.<\/p>\n
Arif Habib Limited noted that the central government debt increased by 1pc month-on-month.<\/p>\n
The rise was primarily fuelled by domestic borrowing, which continues to account for the bulk of the federal government\u2019s liabilities.<\/p>\n
Central government debt trend according to State Bank data. \u2500 Courtesy Topline Research<\/p>\n
Domestic debt dominates the debt structure<\/p>\n Central government domestic debt increased to Rs55.98tr in January 2026, up from Rs50.24tr in January 2025, marking an increase of around Rs5.73tr over the calendar year.<\/p>\n Domestic borrowing accounts for roughly 71pc of the central government\u2019s debt.<\/p>\n Within domestic debt, long-term remains the dominant component, rising from Rs41.83tr in January 2025 to Rs47.12tr in January 2026.<\/p>\n Topline Research data showed domestic government debt rose 11.4pc year-on-year and 1.1pc MoM.<\/p>\n Central government debt data March 2026. \u2500 Courtesy Topline Research<\/p>\n Pakistan Investment Bonds remain the largest instrument<\/p>\n Among permanent debt instruments, Pakistan Investment Bonds remained the largest contributor, standing at Rs35.27tr in January 2026, compared to Rs31.77tr a year earlier.<\/p>\n Similarly, the Government of Pakistan Ijara Sukuk increased from Rs5.84tr to Rs6.75tr over the same period.<\/p>\n The data also shows growth in Bai-Muajjal Sukuk, which rose significantly from Rs65 billion in January 2025 to Rs632bn by December 2025, remaining at that level in January 2026.<\/p>\n Savings schemes and unfunded debt edge higher<\/p>\n The government\u2019s unfunded debt, which includes national savings schemes, also increased moderately during the period.<\/p>\n This category rose from Rs2.9tr in January 2025 to Rs3.18tr in January 2026.<\/p>\n Within this segment, saving schemes (net of prize bonds) increased from Rs2.81tr to Rs3.11tr, reflecting continued participation in government-backed savings instruments.<\/p>\n Short-term borrowing remains elevated<\/p>\n Short-term domestic borrowing also remained significant, standing at Rs8.78tr in January 2026, compared to Rs8.35tr in January 2025.<\/p>\n Most of this consists of Market Treasury Bills, which rose to Rs8.66tr in January 2026 from Rs8.26tr in January 2025.<\/p>\n