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Finance Minister Mohammad Aurangzeb unveils the annual economic document, highlighting improved fiscal discipline, robust remittances, and structural reforms
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State Bank of Pakistan data reveals a surging reliance on domestic borrowing and a significant month-on-month spike in external liabilities.
KARACHI: Pakistan’s total central government debt climbed to nearly Rs82 trillion by the end of April 2026, registering an increase of 9.33 per cent compared with the same month a year earlier, according to the latest data released by the State Bank of Pakistan (SBP).
The SBP data showed that the central government’s total debt rose to Rs81.93 trillion in April 2026 from Rs74.94 trillion recorded in April 2025. This reflects a year-on-year increase of approximately Rs6.99 trillion.
Domestic Debt Remains Primary Borrowing Source
A breakdown of the figures revealed that domestic debt remained the largest component of the government’s borrowing portfolio. Central government domestic debt increased to Rs58.09 trillion by the end of April 2026, compared with Rs52.52 trillion a year earlier. This shift indicates a continued reliance on local borrowing to finance fiscal requirements.
Within the domestic debt category, long-term obligations stood at Rs47.47 trillion, while short-term debt amounted to Rs10.56 trillion. Pakistan Investment Bonds (PIBs) and Government of Pakistan Ijara Sukuk continued to account for a significant share of long-term domestic borrowing.
External Debt and Monthly Shifts
The SBP figures further showed that central government external debt reached Rs23.84 trillion in April 2026, up from Rs22.41 trillion in April 2025.
Long-term external debt was recorded at Rs19.73 trillion. Meanwhile, short-term external debt stood at Rs4.11 trillion following a reclassification of a portion of long-term debt into the short-term category, effective from February 2026.
On a month-on-month basis, total government debt increased from Rs80.52 trillion in March 2026 to Rs81.93 trillion in April 2026, reflecting additional borrowing during the period. Domestic debt rose by Rs523 billion, while external debt increased by Rs882 billion over the month.
Key Debt Breakdown (April 2025 vs April 2026)
| Debt Category | April 2025 (Trillion Rs) | April 2026 (Trillion Rs) | YoY Change (%) |
| Domestic Debt | 52.52 | 58.09 | +10.6% |
| External Debt | 22.41 | 23.84 | +6.3% |
| Total Debt | 74.94 | 81.93 | +9.33% |
Analysts Call for Fiscal Consolidation
Economic analysts note that the persistent rise in public debt underscores the government’s ongoing financing needs amid budget deficits, debt servicing obligations, and development expenditures.
The growing debt stock also highlights the importance of fiscal consolidation measures. Experts suggest these steps are now critical for containing borrowing requirements and ensuring long-term debt sustainability for Pakistan’s economy.
Experts warn fiscal policy remains crisis-driven and call for stronger investment in resilience, social protection and green growth.
ISLAMABAD: Pakistan’s fiscal framework continues to prioritise short-term crisis management instead of addressing structural weaknesses that deepen poverty, inequality and climate vulnerability, according to experts from the Sustainable Development Policy Institute (SDPI).
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Finance ministry seeks industry input on e-commerce growth, regulation and digital transformation before FY2026-27 budget
The government on Friday held consultations with leading e-commerce stakeholders, including representatives of Daraz and Alibaba Group, as part of efforts to strengthen Pakistan’s digital economy and support the growth of the country’s rapidly expanding online commerce sector ahead of the Federal Budget for FY2026-27.
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Saudi investors express interest in ports, energy, IT and infrastructure projects during high-level meeting in Islamabad
Prime Minister Shehbaz Sharif on Thursday reaffirmed Pakistan’s commitment to deepening economic cooperation with Saudi Arabia, saying the government was focused on transforming longstanding bilateral ties into a broad-based and mutually beneficial economic partnership.
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Central bank reserves edge higher to $17.19 billion, while overall liquid reserves decline slightly due to lower commercial bank holdings
KARACHI, June 4, 2026 — Pakistan’s official foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $43 million during the week ended May 29, 2026, according to data released by the central bank on Thursday.
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Discussions focus on health, education, skills development and job creation amid push for inclusive growth
Pakistan and the World Bank Group have agreed to deepen cooperation on human capital development, skills training and job creation, as the government shifts focus from macroeconomic stabilisation to social sector outcomes, the Finance Division said on Wednesday.
(more…)Central bank reserves increase to $17.147 billion as Pakistan’s total foreign exchange holdings reach $22.647 billion.
Pakistan’s foreign exchange reserves increased by $58 million during the week ended May 22, 2026, reflecting continued stability in the country’s external sector, according to data released by the State Bank of Pakistan.
(more…)Finance minister says enforcement drive expanded across key sectors as Pakistan targets undocumented economic activity
Federal Minister for Finance and Revenue Muhammad Aurangzeb on Monday said the government is intensifying enforcement against illicit and undocumented economic activity, particularly in the tobacco sector, as part of its broader fiscal reform agenda.
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Finance minister highlights macroeconomic stability, tax reforms and investor confidence during meeting with British High Commissioner
Federal Minister for Finance and Revenue Muhammad Aurangzeb on Monday held a meeting with British High Commissioner Jane Marriott to discuss Pakistan–United Kingdom bilateral cooperation, economic reforms and regional developments.
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