Pakistan's Central Government Debt Was Rs 82,953 Billion in August 2026
Pakistan's central government debt stood at Rs 82,953 billion in August 2026, 7.1% above a year ago. See how the SBP splits domestic and external debt.
Short answer: Pakistan's central government debt was Rs 82,953 billion at the end of August 2026, the State Bank of Pakistan (SBP) says. That is Rs 689 billion lower than in June, but Rs 5,495 billion, or 7.1 per cent, higher than a year ago. Of the total, Rs 58,757 billion is owed at home and Rs 24,196 billion abroad.
The SBP updated the table on 6 October 2026. We opened it ourselves and read every line. The fall since June is real, but it is small, and it mostly sits in domestic debt. The year-on-year rise is the larger story.
Central government debt was Rs 82,953 billion at the end of August 2026
The SBP's Central Government Debt table puts the total at Rs 82,953 billion for August 2026, down from Rs 83,642 billion in June 2026. A year earlier, in August 2025, it was Rs 77,458 billion. The figures for August 2026 are marked provisional.
| Date | Domestic (Rs billion) | External (Rs billion) | Total (Rs billion) |
|---|---|---|---|
| End June 2025 | 54,472 | 23,417 | 77,888 |
| End August 2025 | 54,073 | 23,385 | 77,458 |
| End June 2026 | 59,441 | 24,201 | 83,642 |
| End August 2026, provisional | 58,757 | 24,196 | 82,953 |
"Central government" means the federal government only. It leaves out provincial borrowing and the debts of state-owned companies. Our separate explainer on what state-owned enterprises owe covers those.
Domestic debt fell Rs 684 billion in two months
Domestic debt, which is money the government owes to banks, savers and other lenders inside Pakistan, fell from Rs 59,441 billion in June to Rs 58,757 billion in August. That is a drop of Rs 684 billion, or 1.2 per cent. It explains almost the whole fall in the total.
Inside that figure, the table shows some moves worth knowing:
- Pakistan Investment Bonds, the long-term bonds, were Rs 34,321 billion, down from Rs 35,299 billion in June.
- GOP Ijara Sukuk, the government's Islamic bonds, rose from Rs 7,892 billion to Rs 8,825 billion.
- Floating debt, mainly Market Treasury Bills, was Rs 10,562 billion, down from Rs 10,928 billion.
- Foreign currency loans owed inside Pakistan fell from Rs 393 billion to Rs 12 billion.
- Unfunded debt, which is mostly the National Savings schemes, was Rs 3,364 billion, up from Rs 3,284 billion.
The SBP does not say why each line moved. Do not read a cause into one provisional month. Our explainer on how Treasury Bills work shows why the floating part rises and falls with every auction.
External debt hardly moved in rupees because the rupee gained
Central government external debt was Rs 24,196 billion in August 2026, almost the same as Rs 24,201 billion in June. The dollar was worth Rs 277.40 on the last day of August and Rs 278.09 at the end of June, so the same dollar debt costs slightly fewer rupees.
The table reports in rupees. When the rupee gains, dollar debt looks smaller in rupees even if no dollar was repaid. Over the year, the rupee gained from Rs 281.78 to Rs 277.40. Our own arithmetic puts external debt at about $83.0 billion in August 2025 and $87.2 billion in August 2026. So in dollars it rose more than the rupee figure suggests.
The SBP's table also warns that it leaves out IMF loans and foreign exchange liabilities. For those, see our page on the IMF repayment schedule.
The SBP's debt figure differs from the Finance Ministry's figure
If you compare the SBP number with the Finance Ministry's, they will not match. The Ministry's Annual Debt Review gives Rs 86,715 billion for total public debt at end June 2026. The SBP table gives Rs 83,642 billion for the same date. The difference is the definition, not an error.
The domestic part is the same in both, Rs 59,441 billion. The gap is in external debt: the Ministry counts Rs 27,274 billion, and the SBP table counts Rs 24,201 billion because, by its own footnote, it excludes IMF loans and foreign exchange liabilities. The difference of about Rs 3,073 billion is our arithmetic, and it sits in that excluded group. Our page on the Annual Debt Review explains the Ministry's number in full.
How to read the SBP table yourself
- Open the SBP website, then Economic Data, and find "Central Government Debt" under the monetary and financial sector.
- Download the PDF. Note the four columns: June of last year, August of last year, June of this year and the latest month.
- Compare the same month across years, which is the fair test of growth.
- Read the footnotes at the bottom before quoting a number. They tell you what is left out.
A two-month fall does not mean debt is shrinking
Debt is still 7.1 per cent higher than a year ago. Domestic debt rose 8.7 per cent over the year and external debt, in rupees, rose 3.5 per cent. A fall of Rs 689 billion in two months, against a rise of Rs 5,495 billion in twelve, is a small dip in a rising line.
For your own life, the debt total matters through interest. The Finance Ministry says interest took about two thirds of net federal revenue in FY26, and that is the number that shapes taxes. The monthly debt table does not show interest, so it cannot tell you how much of your tax goes to lenders.
Common questions
How much is Pakistan's central government debt now?
It was Rs 82,953 billion at the end of August 2026, according to the State Bank's provisional table. The next monthly update should show the September position.
Did Pakistan's debt fall?
Yes, by Rs 689 billion between June and August 2026, but it is still Rs 5,495 billion higher than in August 2025.
Why is the SBP number lower than the Finance Ministry's?
The SBP table excludes IMF loans and foreign exchange liabilities from external debt, while the Finance Ministry's total public debt includes them.
Does this table include provincial debt?
No. It covers the central, meaning federal, government only.
Is the August figure final?
No. The SBP marks it provisional, and it can be revised in a later update.
How we verified this
What we checked, where we read it, and what we could not confirm.
Last checked on 11 October 2026. We read the State Bank of Pakistan's Central Government Debt table, listed on its Economic Data page as updated on 6 October 2026, and its companion table on Gross Government Domestic Debt and Liabilities. We compared the total with the Finance Division's Annual Debt Review for FY2026. Rupee-to-dollar rates are the SBP's last-day weighted average customer rates printed on the table. The dollar conversions and percentage changes are our arithmetic.
About the author
Global Affairs & Political Economy Writer
Muhammad Hatim is a book lover who started writing because he enjoys it. At Pakistan Era he writes about international relations, geopolitics and the global economy, with a particular interest in South Asia and the forces behind current events.
