Pakistan’s Public Debt Increased 24% in One Year to Rs. 51 Trillion

The total public debt stock of the federal government increased by 24 percent or Rs. 10 trillion to Rs. 50.9 trillion on a year-on-year (YoY) basis in November 2022 as compared to the same month of the last fiscal year.

According to the monthly data issued by the State Bank of Pakistan (SBP), the debt stock increased to Rs. 50.903 trillion in November 2022 as compared to Rs. 40.972 trillion in November 2021.

The data shows that the domestic debt of the central government increased by Rs.6.1 billion or 23 percent from Rs. 26.827 trillion to Rs. 32.929 trillion during the last year.

Out of total domestic debt, the long-term public debt increased from Rs. 20.993 trillion to Rs. 26.034 trillion and the stock of short-term debt increased from Rs. 5.79 trillion to Rs. 6.85 trillion during the last year.

Out of the total long-term debt, the government raised Rs. 5.5 trillion through the Federal Government Bonds including Pakistan investment bonds and GOP Ijara Sukuk and Bai-Muajjal of Sukuk during the last year. The total debt stock of Federal Government Bonds increased from Rs. 16.5 trillion to Rs. 22.07 trillion. The government raised Rs. 4 billion through issuing of Prize Bonds in one year.

The public debt remained at the same level of Rs. 475 billion in terms of SBP’s on-lending to GOP against SDRs allocation. The unfunded debt decreased to Rs. 3,009 billion from Rs. 3,620 billion. Foreign currency loans jumped to Rs. 9.4 billion from Rs. 7.5 billion during the period.

The report shows that the external debt of the central government increased by to Rs. 17.973 trillion from Rs 14.146 trillion during the period, registering an increase of 27 percent. The data shows that the currency exchange rate increased by Rs. 47 to Rs. 224 during the last year.

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