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For Pakistan’s official debt figures, start with the Finance Division’s Debt Management Office (DMO) for reports and explanations, then use the State Bank of Pakistan (SBP) for statistical tables and release timing. Always record the measure, reference date, unit, publication date and whether the figure is provisional or projected: headline public debt, statutory public debt, central-government debt and broader debt-and-liability series do not necessarily cover the same obligations.
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 annual and semi-annual context. It lists the Annual Debt Review FY2026, Annual Borrowing Plan FY2027, Debt Bulletin 1HFY-2026 and Medium-Term Debt Management Strategy FY2026–28, alongside earlier reports. The FY2026 annual review is prepared under section 13 of the Fiscal Responsibility and Debt Limitation (Amendment) Act 2022 and covers public-debt stock, debt operations and strategy progress. [c1] [c2]
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- Annual Debt Review: year-end stock, composition, drivers, borrowing operations, maturity and risk profile, and guarantees.
- Semi-Annual Debt Bulletin: an interim update and progress against the debt strategy. Keep its stated reporting period with the figures. [c1]
- Annual Borrowing Plan: planned financing needs and intended financing mix for the coming fiscal year—not realized issuance. [c3]
- Medium-Term Debt Management Strategy: the government’s stated cost-risk objectives and target indicators; compare targets with outcomes in the annual review. [c1]
- Debt Policy Statement: policy reporting and shorter-period data. Check dates and provisional labels in each table; the January 2026 statement includes provisional July–November FY2026 figures. [c4]
State Bank of Pakistan
SBP’s Statistical Bulletin for June 2026 includes a Domestic and External Debt chapter and a separate Public Finance chapter, with a complete report download. It is useful when you need tabular series rather than the DMO’s explanatory narrative. [c5]
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Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Check the SBP Data Calendar for recurring release dates. As of 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 data were already published on October 4; revisit the relevant SBP data page after the deadline. [c6]
What the latest annual figures say—and what they measure
The DMO’s Annual Debt Review FY2026, published September 30, 2026, reports the following amounts at end-June 2026. [c2] [c8]
| Measure in the review | Amount at end-June 2026 | What to note |
|---|---|---|
| Headline total public debt | PKR 86,715 billion | The review’s broader headline public-debt total. |
| Domestic debt | PKR 59,441 billion | Component of the headline total. |
| External debt | PKR 27,274 billion | Component of the headline total. |
| Public debt under the FRDLA definition | PKR 77,168 billion; 60.8% of GDP | A separately defined statutory measure, not the same perimeter as the headline total. |
The review’s FRDLA “Total Public Debt” definition includes federal and provincial government debt serviced out of the Consolidated Fund and IMF debt, less accumulated government deposits with the banking system. The headline total and statutory measure are therefore not competing estimates of precisely the same thing. Name the measure and perimeter when quoting either. [c8]
SBP tables can show additional categories, including public-sector enterprise domestic debt, government and non-government external debt, IMF debt, other external debt and liabilities. A row in one of those tables should not automatically be relabelled “public debt”: use the table title and its definitions. [c7]
How to track the figures over time
Keep a simple log so each number remains attached to its meaning. Record the measure or table name, amount, currency and unit, reference date or period, publication date, provisional or final status, source link and definition or perimeter.
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- At each scheduled monthly release, record the latest SBP central-government and domestic-debt series with the reference month and any revision note. Use the calendar to check expected timing. [c6]
- At mid-year, add the DMO semi-annual bulletin and preserve its exact period label. [c1]
- At fiscal year-end, update stock and risk details from the annual debt review. Compare only figures with matching definitions and dates. [c2] [c8]
- At the start of a fiscal year, log borrowing-plan projections separately from actual issuance and realized financing. Compare the plan with the eventual annual-review outturn rather than treating a forecast as a result. [c3] [c9]
- For historical context, retain earlier statements, but do not silently combine provisional observations with revised or final ones. [c4]
How to tell debt stocks from borrowing flows
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 debt stock rose. The DMO review reports these concepts separately; it notes that the gap between the fiscal deficit and financing reflects changes in federal government cash balances with the banking system. [c9]
A fiscal deficit and net financing can therefore differ. When assessing a period, look at inflows and repayments separately and keep the reference period attached to each figure rather than inferring a change in stock from one flow alone. [c9]
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How to read Pakistan’s borrowing plan
The Annual Borrowing Plan FY2027, published September 29, 2026, projects a federal fiscal deficit of PKR 7,020 billion and gross financing needs of PKR 28,647 billion. These are plan figures, not realized outcomes. Use them to understand intended financing needs and mix, then compare them later with actual issuance and the annual-review outturn. [c3]
What to compare beyond the headline total
A debt total describes scale, but its composition helps explain exposure to refinancing, changing interest costs and exchange-rate movements. For comparisons between years or periods, check these dimensions:
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- Measure and perimeter: statutory public debt, DMO headline public debt, central-government debt, or a broader national debt-and-liability measure. [c2] [c7] [c8]
- Domestic versus external: distinguish the categories and retain the unit used by the source. [c2] [c7]
- Gross versus net financing: show inflows and repayments separately before discussing net borrowing. [c9]
- Instrument and creditor mix: government securities, savings schemes, multilateral and bilateral claims, commercial loans and other categories are not interchangeable. [c2] [c7]
- Maturity and refinancing profile: distinguish short-term obligations and near-term maturities from medium- and long-term debt. [c2] [c7]
- Interest-rate and currency exposure: these indicate how debt costs may change; they are not measures of the outstanding total itself. [c2]
- Reference period and status: match dates or fiscal periods and note whether data are provisional or revised. [c2] [c4] [c6]
A practical rule for citing a debt number
Write the amount together with its source, measure, unit, reference date and status. For example: “The Finance Division DMO’s Annual Debt Review FY2026 reports headline public debt of PKR 86,715 billion at end-June 2026.” If using the FRDLA figure instead, identify it as the statutory definition. This makes the figures interpretable and prevents a plan, interim estimate or differently scoped table from being mistaken for the same series. [c2] [c8]
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