Central government debt climbs to Rs78.5 trillion by December 2025:report

Pakistan’s central government debt rose to Rs78.5 trillion in December 2025, marking a 9.6% increase on a year-on-year basis and a 1.3% rise compared to the previous month, according to the latest official data by brokerage firm Topline Securities.

The figures show that domestic debt continued to account for the bulk of the increase. Central government domestic debt stood at Rs55.4 trillion in December 2025, reflecting an 11.0% increase compared to December 2024 and a 1.4% rise from November 2025.

External debt also recorded an uptick during the month. In rupee terms, central government external debt reached Rs23.1 trillion in December 2025, up 6% year-on-year and 1% month-on-month. Combined with domestic liabilities, this brought total central government debt to Rs78.5 trillion by the end of December.

In dollar terms, central government external debt increased to $82.7 billion in December 2025, compared to $81.7 billion in November 2025. The stock of external debt had stood at $82.5 billion in June 2025, indicating a modest increase over the first half of the fiscal year and a slight month-on-month rise in December.

The data indicate a continued expansion in the government’s debt stock, with domestic borrowing showing stronger growth relative to external liabilities on a year-on-year basis. Domestic debt now accounts for a larger share of the total central government debt portfolio.

The month-on-month increase in overall debt of 1.3% reflects incremental additions across both domestic and external components. While domestic debt rose at a slightly faster pace during the month, external obligations also edged higher in both rupee and dollar terms.

The latest numbers provide a snapshot of Pakistan’s central government debt position as of December 2025, capturing both rupee-denominated domestic borrowing and foreign currency external obligations in a consolidated view of the federal government’s liabilities.

With total debt approaching Rs80 trillion, the updated figures highlight the scale of the government’s financing requirements and the evolving composition of its debt stock at the close of the first half of FY26.