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Pakistan’s Central Government Debt Surges 15% YoY to Rs67.82 Trillion in May 2024

The central government’s total debt increased by 15.01% year-over-year (YoY) to Rs67.82 trillion in May 2024, up from Rs58.96 trillion in May 2023, according to data released by the State Bank of Pakistan (SBP). On a month-over-month (MoM) basis, the debt rose by 2.62%, compared to Rs66.08 trillion in April 2024. This annual increase in debt is primarily due to borrowing from domestic and foreign sources to cover the fiscal deficit.

The SBP data indicates that the majority of the debt was domestic, amounting to Rs46.21 trillion. This included Rs36.6 trillion in long-term debt, Rs9.52 trillion in short-term debt, and Rs86.79 billion from Naya Pakistan Certificates. The domestic debt increased by 24.7% YoY and 3.88% MoM.

By the end of May 2024, long-term government debt rose by 24.14% YoY to Rs36.6 trillion, compared to Rs29.48 trillion in May 2023, and increased by 3.91% MoM. Short-term debt saw a 28.09% YoY increase to Rs9.52 trillion in May 2024.

Within the long-term domestic debt, Pakistan Investment Bonds (PIBs) were the largest component, totaling Rs27.7 trillion. This marked a 24.34% YoY increase and a 4.4% MoM rise. For short-term domestic debt, Market Treasury Bills (MTBs) were predominant, with borrowing amounting to Rs9.44 trillion, reflecting a 28.16% YoY and 3.94% MoM increase.

Borrowing through Naya Pakistan Certificates decreased by 37.51% YoY to Rs86.79 billion in May 2024. On a monthly basis, borrowing through these certificates dropped by 6.42%, compared to Rs92.75 billion in the previous month.

The central government’s external debt comprised nearly Rs21.45 trillion in long-term loans and Rs155.92 billion in short-term loans.

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