What happened
Pakistan’s federal government debt rose by 1.3 per cent month on month in December 2025 to reach Rs78.5 trillion, according to data released by the State Bank of Pakistan and reported by ProPakistani on 11 February 2026.
The stock was 9.6 per cent higher than the Rs71.5 trillion recorded in December 2024, the report said, continuing the year-on-year increase in the central government’s obligations.
The breakdown
Central government external debt rose to US$82.7 billion in December 2025 from US$81.7 billion in November 2025. In June 2025 the same measure stood at US$82.5 billion.
Central government domestic debt increased by 11.0 per cent year on year and 1.4 per cent month on month to Rs55.4 trillion in December 2025. Within that total, long-term public debt rose from Rs41.1 trillion to Rs46.56 trillion over the year, while the stock of short-term debt edged up from Rs8.69 trillion to Rs8.74 trillion.
Why it matters
The figures set out the scale of the federal government’s borrowing at the end of 2025 and the split between domestic and external liabilities, a snapshot that feeds into assessments of debt sustainability and the cost of servicing. The domestic component accounted for the larger share of the total, while the external figure was broadly stable over the second half of the year.
What is still uncertain
The report did not give the interest cost attached to the debt stock, the maturity profile of the obligations, or a comparison with the government’s debt-to-GDP targets for the fiscal year.
Sources & reporting notes
This article summarises published reporting based on State Bank of Pakistan data. Sources were reviewed on 11 February 2026.
- ProPakistani — "Pakistan's Central Govt Debt Spikes to Rs. 78.5 Trillion in December 2025"11 February 2026 · Sets out the month-on-month and year-on-year changes and the domestic and external components.
- KhabarWire — "Pakistan draws $4.51bn in foreign loans and grants in first half of FY26"Context on external borrowing earlier in the fiscal year.
