Govt debt rises to Rs77.5 trillion in Nov 2025: SBP data

State Bank of Pakistan has said that federal government’s debt reached Rs77.5 trillion in Nov 2025, which is 0.7 percent increase on month on month basis, reported 24NewsHD TV Channel. 

According to central bank data, the rise in debt was driven mainly by an increase in domestic borrowing. Central government domestic debt stood at Rs54.6 trillion in November, up 1.2 percent compared to October and 12.4 percent higher than a year earlier. 

The external debt declined 0.3 percent month on month to Rs22.9 trillion, helping partially offset the increase in local liabilities.

On a cumulative basis, government debt actually declined during the July to November period. The SBP data shows that total central government debt fell by Rs345 billion, or 0.44 percent, from Rs. 77.9 trillion at the end of June to Rs. 77.5 trillion by November, reflecting restrained borrowing and improved fiscal inflows.

Analysts attributed the moderation primarily to a fall in external debt. According to market participants, foreign debt declined partly due to rupee appreciation and partly because of $790 million in external debt repayments during the period. 

The rupee strengthened from 283.74 per dollar at the end of June to 280.46 per dollar by the end of November, easing the local currency value of foreign obligations. 

In dollar terms, central government external debt declined to $81.7 billion in November 2025, compared to $81.9 billion in October and $82.5 billion in June, according to Topline’s analysis based on SBP figures. On a year on year basis, however, external debt remained 5.25 percent higher than November 2024.

Domestic debt trends show a steady upward bias. SBP figures indicate that domestic debt increased by Rs. 147 billion during the first five months of the fiscal year and rose over 12 percent year on year, underscoring the government’s continued reliance on local banks to finance the budget deficit. 

Reporter: Ashraf Khan