For Pakistan’s official debt figures, use the Finance Division’s Debt Management Office (DMO) for reports and explanations, and the State Bank of Pakistan (SBP) for statistical tables and release dates. Always record the measure’s definition, reporting period, publication date, unit, and provisional or final status: headline public debt, statutory public debt, central-government debt, and broader debt-and-liability totals are not interchangeable.
Where to find Pakistan’s latest public debt figures
Finance Division Debt Management Office
The DMO’s Publications page is the best starting point for the government’s debt narrative and management record. It lists the Annual Debt Review FY2026, Debt Bulletin 1HFY-2026, Annual Borrowing Plan FY2027, and Medium Term Debt Management Strategy FY2026–28, alongside older publications for comparison. The FY2026 annual review says it is prepared under section 13 of the Fiscal Responsibility and Debt Limitation (Amendment) Act 2022 and covers debt stock, debt operations, and strategy progress. [DMO publications]
- Annual Debt Review: year-end debt stock, composition, drivers, borrowing operations, maturity and risk profile, and guarantees.
- Semi-Annual Debt Bulletin: a mid-year update and assessment against the debt strategy. The 1HFY2026 bulletin covers its stated six-month period.
- Annual Borrowing Plan: expected financing needs and intended financing mix for the coming fiscal year. It is a projection, not a record of realized borrowing.
- Medium-Term Debt Management Strategy: the government’s stated cost-risk objectives and target indicators, which can be compared with later outcomes.
- Debt Policy Statement: policy reporting and shorter-period fiscal and debt data. Check each table’s dates and provisional labels; the January 2026 statement includes provisional July–November FY2026 figures.
State Bank of Pakistan
SBP’s Statistical Bulletin for June 2026 includes separate Domestic and External Debt and Public Finance chapters, plus a complete report download. Use it when you need tabular series rather than the DMO’s explanatory account. [SBP Statistical Bulletin]
For timing, consult the SBP Data Calendar. On October 4, 2026, it listed Central Government Debt and Government Domestic Debt and Liabilities for August 2026 as due no later than October 5. That schedule did not confirm the figures had already been released on October 4; check the relevant SBP data page after the deadline. [SBP Data Calendar]
What the latest figures say—and which total they describe
The DMO’s Annual Debt Review FY2026, published September 30, 2026, reports headline total public debt of PKR 86,715 billion at end-June 2026: PKR 59,441 billion in domestic debt and PKR 27,274 billion in external debt. [DMO publications]
The same review separately reports PKR 77,168 billion, or 60.8% of GDP, at end-June 2026 under its FRDLA statutory definition. It describes that measure as including federal and provincial government debt serviced out of the Consolidated Fund and IMF debt, less accumulated government deposits with the banking system. This is a narrower, differently defined measure—not a competing estimate of precisely the same total. Name the measure and date whenever quoting either figure. [DMO publications]
SBP tables include still other categories, such as public-sector enterprise domestic debt, government and non-government external debt, IMF debt, other external debt, and liabilities. A table row should not automatically be relabelled “public debt”: read the table heading and perimeter first. [SBP Statistical Bulletin]
How to keep a useful debt-tracking record
A small, consistent log makes monthly updates and year-to-year comparisons much safer. Record these fields for every observation:
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- Measure or table name and its definition/perimeter
- Amount and currency/unit
- Reference date or covered period
- Publication date
- Provisional, revised, or final status
- Source link and any revision note
- At each scheduled monthly release: record the latest SBP central-government and domestic-debt series with its reference month and revision status. Use the Data Calendar for expected timing.
- At mid-year: add context from the DMO semi-annual bulletin, preserving its exact period label.
- At fiscal year-end: update the stock and risk profile from the annual debt review, comparing only matching definitions and dates.
- At the start of a fiscal year: log the borrowing plan separately from actual issuance and realized financing; compare the projection with later outturns.
- For historical trends: retain older statements, but do not silently combine provisional observations with revised or final figures.
How to interpret borrowing and debt numbers
Debt stock is not borrowing during a period
Debt stock is the amount outstanding at a particular date. Borrowing operations are flows over a period: gross inflows, principal repayments, and net financing. Gross issuance is not the same as net borrowing, and neither should be described as the amount by which the stock increased. The DMO’s annual review reports these measures separately; it notes that the gap between the fiscal deficit and financing reflects changes in federal government cash balances with the banking system. [DMO publications]
A deficit, financing need, and debt increase answer different questions
The FY2027 Annual Borrowing Plan, published September 29, 2026, projects a PKR 7,020 billion federal fiscal deficit and PKR 28,647 billion gross financing needs. These are plan figures, not realized outcomes. A financing need describes the funds expected to be raised; gross financing also accounts for financing flows such as repayments, while the deficit is a fiscal balance. Later compare the plan with actual financing and the annual-review outturn rather than treating the projected figures as what Pakistan ultimately borrowed. [DMO publications]
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Compare like with like
Before concluding that debt rose or its risks changed, check the dimensions that define the comparison:
- Measure: statutory public debt, DMO headline public debt, central-government debt, or broader national debt and liabilities.
- Composition: domestic versus external debt, and the unit used to report each.
- Financing: gross inflows, repayments, and net financing shown separately.
- Creditor and instrument: government securities, savings schemes, multilateral or bilateral claims, commercial loans, and other categories.
- Risk profile: maturity and near-term refinancing needs, interest-rate type and repricing exposure, and currency exposure.
- Time and status: the same reference date or fiscal period, with provisional, revised, or final status noted.
These distinctions help explain why a total alone cannot show whether refinancing, interest-rate, or exchange-rate risks have changed. The DMO review and SBP debt tables provide different parts of that picture; use each table’s own labels and definitions. [DMO publications] [SBP Statistical Bulletin]
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