Pakistan’s federal government has recorded a significant increase in its total debt during the first two years of the current administration, according to newly released data from the State Bank of Pakistan.
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Official documents show that government debt rose by approximately Rs 15,072 billion between March 2024 and February 2026, marking one of the most substantial increases in recent years. On average, this translates to nearly Rs 21 billion added to the national debt every day during the period.
The central bank data indicates that the rise includes both domestic and external borrowing. Domestic debt increased by around Rs 14,004 billion, while external debt grew by approximately Rs 1,068 billion over the two-year span.
As a result of this sharp rise, the total federal government debt reached Rs 79,882 billion by February 2026. In comparison, the debt stood at Rs 64,810 billion at the end of February 2024, during the final month of the caretaker setup.
Economists note that the increase reflects continued reliance on borrowing to meet fiscal requirements, including budget financing, debt servicing, and development expenditures. Rising interest payments and currency pressures have also contributed to the overall expansion in debt levels.
The data highlights the growing fiscal challenges faced by the government, as Pakistan continues to manage a heavy debt burden alongside efforts to stabilize the economy. Analysts say that controlling public debt will require sustained fiscal discipline, improved revenue collection, and structural reforms.
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The State Bank’s figures provide a detailed snapshot of the country’s borrowing trajectory during the early years of the current administration, underscoring the scale of financial pressures facing the economy.