Pakistan plans Rs6.5 trillion domestic borrowing through T-bills, bonds in March–May

The federal government plans to raise Rs6.525 trillion from domestic sources through the sale of treasury bills and bonds during March–May 2026 to meet its financing requirements.

According to auction calendars issued by the State Bank of Pakistan, the government intends to borrow Rs5 trillion through the sale of Government of Pakistan Market Treasury Bills during the three-month period. The target exceeds the Rs4.259 trillion in maturities falling due during the same timeframe.

In addition to treasury bills, the government plans to mobilise Rs1.525 trillion through Pakistan Investment Bonds. This includes Rs1.35 trillion through fixed-rate PIBs and Rs175 billion through semi-annual floating-rate PIBs.

A total of seven treasury bill auctions are scheduled between March and May to finance the fiscal deficit. The borrowing plan includes Rs1.25 trillion through two auctions in March, Rs2.15 trillion through three auctions in April and Rs1.6 trillion through two auctions in May.

For fixed-rate PIBs, two auctions with a target of Rs450 billion each are scheduled for March 26 and April 20, while another auction targeting Rs500 billion is planned for May 5.

The government will also conduct seven auctions of floating-rate PIBs during the period, each with a target size of Rs25 billion, to collectively raise Rs175 billion.