ISLAMABAD - Pakistan's total public debt stood at Rs83.285 trillion by the end of March 2026, according to the latest Economic Survey 2025-26. Both domestic and external debts increased during the first nine months of the current fiscal year (July to March). Domestic debt was recorded at Rs57.6 trillion, while external debt amounted to Rs25.7 trillion ($92.2 billion).
Debt Growth Slows
The growth in public debt outstanding during July-March FY2026 was 3.4 percent, lower than the 6.7 percent growth recorded during the same period in the previous fiscal year. This indicates a deceleration in debt accumulation.
Domestic Debt Composition
Domestic debt comprises three main categories: permanent debt (medium and long-term), floating debt (short-term), and unfunded debt (primarily National Savings Schemes). In the first nine months of FY2026, the domestic debt stock rose by Rs3.1 trillion to Rs57.6 trillion.
Permanent Debt: This category, which includes Pakistan Investment Bonds (PIBs), Government Ijara Sukuk (GIS), and Prize Bonds, increased from Rs41.8 trillion in June 2025 to Rs43.9 trillion in March 2026, a rise of Rs2.1 trillion. PIBs grew by Rs0.7 trillion, GIS (including Bai-Muajjal) rose by Rs1.4 trillion, and Prize Bonds saw a marginal increase of Rs20 billion.
Floating Debt: Floating debt stood at Rs9.6 trillion by end-March 2026, up from Rs8.8 trillion in June 2025, an increase of Rs0.8 trillion.
Unfunded Debt: Unfunded debt (including Prize Bonds) rose from Rs3.4 trillion to Rs3.6 trillion, an increase of Rs0.214 trillion. Notable increases included Behbood Savings Certificates (+Rs100 billion), Pensioners' Benefit Account (+Rs51 billion), and Regular Income Certificates (+Rs45 billion). Some instruments, such as Short-Term Savings Certificates and Defense Saving Certificates, declined by approximately Rs12 billion each. The share of unfunded debt remained around 6 percent of the domestic debt portfolio.
Other Domestic Debt Components
'Other' components of domestic debt increased slightly from Rs905 billion to Rs910 billion. Naya Pakistan Certificates declined by Rs2.4 billion to Rs59.5 billion. SDR on-lent loans from the State Bank of Pakistan (SBP) remained stable at Rs474.9 billion. Foreign currency-denominated domestic debt stood at Rs376 billion.
External Debt Overview
External public debt was recorded at $92.2 billion at end-March 2026, an increase of approximately $364 million during the first nine months of FY2026, compared to an increase of $883 million during the same period in the previous fiscal year. Pakistan's total external public debt comprises government external debt and debt from the IMF.
Government External Debt: This accounts for the majority, amounting to $82,261 million. IMF Debt: Outstanding debt from the IMF stands at $9,891 million, consisting of federal government debt ($3,620 million) and central bank debt ($6,271 million).
External Debt by Maturity and Source
Central government external debt is predominantly long-term, with $68,408 million in long-term debt (greater than one year) and $13,853 million in short-term debt (less than one year).
- Multilateral Loans: The largest portion, totaling $42,483 million, constitutes around 46 percent of total external debt. These loans from development partners like the World Bank and Asian Development Bank are concessional, with lower interest rates and extended repayment periods.
- IMF Debt: Amounts to $9,891 million, around 11 percent of total external debt.
- Paris Club Debt: Amounts to $5,497 million, approximately 6 percent of total external debt. These loans are also concessional.
- Non-Paris Club Bilateral Loans: Amount to $19,025 million, 21 percent of total external debt.
- International Capital Markets: Eurobonds and international sukuk amount to $6,300 million, around 7 percent of total external debt. These are long-term with market-based interest rates.
- Foreign Commercial Banks: Total outstanding loans amount to $6,323 million, around 7 percent of total external debt. These are short-to-medium term (1-3 years) with market-based interest rates.
