The federal government’s total public debt stock rose by 32.8% YoY in March 2023, compared to the same month in the previous fiscal year. The amount rose to Rs. 57.123 trillion in March 2023 from Rs. 43.013 trillion in March 2022, a rise of Rs. 14.110 trillion. This is according to monthly data released by the State Bank of Pakistan (SBP).
During that time period, federal government domestic debt climbed by 24.9%, from Rs. 35.076 trillion to Rs. 28.077 trillion. The stock of short-term amount rose from Rs. 5.242 trillion to Rs. 6.295 trillion over the past year, while the stock of long-term public amount rose from Rs. 22.797 trillion to Rs. 28.641 trillion.
Different programs effected differently on the total debt
Federal Government Bonds, Pakistan Investment Bonds, GOP Ijara Sukuk, and Bai-Muajjal of Sukuk helped the government raise Rs. 6.159 trillion last year, or around 80% of the country’s total long-term debt. The total amount represented by Federal Government Bonds rose from Rs. 18,330 trillion to Rs. In just one year, the issuance of Prize Bonds brought in revenue of 9 billion rupees for the government.
Because the SBP continued to lend to the GOP in exchange for SDRs, the national debt remained unchanged at Rs. 475 billion. Debt without collateral dropped from Rs 3,609 billion to Rs 2,998 billion. During the time frame in question, loans denominated in foreign currency increased by 3,600%, from Rs. 8 billion to Rs. 296 billion.
The data indicates that the central government’s external debt climbed by 47.6 percent, from Rs 14.936 trillion to Rs 22.047 trillion.
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