Pakistan’s Debt Obligation Swells to Rs. 47.8 Trillion

The debt stock of the federal government rose by Rs. 9,078 billion to Rs. 47.783 trillion from Rs. 38.705 trillion in June 2021, mainly due to local currency devaluation and heavy borrowings from local resources during the last fiscal year.

According to the State Bank of Pakistan (SBP), the total debt stock of the federal government increased by Rs. 9.078 trillion during the last fiscal year as it surged to Rs. 47.783 trillion up to June 30, 2022.

The total Central Government Domestic Debt increased to Rs. 31.036 trillion from Rs. 26.265 trillion during the fiscal year. The data shows that the central government’s domestic debt increased by Rs. 4.771 trillion during the last fiscal year.

Similarly, the long-term debt of the government’s domestic debt increased by Rs. 4.632 trillion to Rs. 24.188 from Rs. 19.556. However, the short-term local debt increased from Rs. 6.68 trillion to Rs. 6.803 trillion during the period.

The data shows that the Government of Pakistan (GoP) Ijara Sukuk three-year and five-year rose by Rs. 665 billion to Rs. 2.280 trillion.

Likewise, the debt obligations of Bai-Muajjal of Sukuk decreased by Rs. 201 billion to Rs. 23 billion. However, the debt obligation of the Pakistan Investment Bonds (PIBs) increased from Rs. 14.590 trillion to Rs. 17.687 trillion during the last fiscal year.

The SBP data shows that the debt obligation of saving schemes (net of prize bonds) decreased from Rs. 3.498 trillion to Rs. 3.208 trillion during the last fiscal year.

Out of the total short-term government loan of Rs. 6.803 trillion, the government debt of Market Treasury Bills (MTBs) increased from Rs. 6.677 trillion to Rs. 6.752 trillion during the last financial year.

The debt obligation of Naya Pakistan Certificates (NPCs) increased from Rs. 28 billion to Rs. 45 billion during the last fiscal year.

Moreover, the total stock of external debt increased from Rs. 12.439 trillion to Rs. 16.746 trillion, mainly due to local currency devaluation against the US dollar during the last fiscal year. The local currency depreciated from Rs. 157 to Rs. 204 against the US dollar during the last fiscal year.

The data also shows that the total stock of external debt increased by $8 billion to $130 billion during the last fiscal year.



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