Pakistan’s Public Debt Increases by Rs. 3.9 Trillion in One Month

The total public debt stock of the federal government increased by 29.6 percent on a year-on-year (YoY) basis in January 2023 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. 54.942 trillion in January 2023 as compared to Rs. 42.396 trillion in January 2022, an increase of Rs. 12.546 trillion. On a month-on-month (MoM) basis the debt stock increased by 7.7 percent from Rs. 50.996 trillion in December 2022, an increase of Rs. 3.946 trillion.

The data shows that the domestic debt of the central government increased by 23 percent from Rs. 27.413 trillion to Rs. 34.225 trillion during the period.

Out of total domestic debt, the long-term public debt increased from Rs. 21.668 trillion to Rs. 27.514 trillion and the stock of short-term debt increased from Rs. 5.705 trillion to Rs. 6.691 trillion during the last year.

Out of the total long-term debt, the government raised Rs. 6.384 trillion through 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. 17.202 trillion to Rs. 23.586 trillion. The government raised Rs. 9 billion through issuing of Prize Bonds in one year.

The public debt remained at the same level of Rs. 474.9 billion in terms of SBP’s on-lending to GOP against SDRs allocation. The unfunded debt decreased to Rs. 3,058 billion from Rs. 3,609 billion. Foreign currency loans jumped to Rs. 11 billion from Rs. 8 billion during the period.

The report shows that the external debt of the central government increased to Rs. 20.687 trillion from Rs 14.983 trillion during the period, registering an increase of 15.7 percent. The data shows that the currency exchange rate increased by Rs. 91 to Rs. 267.9 during the last year.

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