In December 2023, the total public debt stock of the federal government exhibited a significant year-on-year increase, surging by 27 percent compared to the corresponding period in 2022. According to monthly data released by the State Bank of Pakistan (SBP), the debt stock reached Rs. 65.1 trillion, marking a substantial rise from Rs. 51 trillion recorded in November 2022—a staggering increase of Rs. 14.1 trillion.

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On a month-on-month basis, there was a 2.8 percent increment in the total public debt stock, rising from Rs. 63.3 trillion in November 2023. The breakdown of the data reveals that the domestic debt of the central government experienced a notable 28.4 percent rise, ascending from Rs. 33.17 trillion in December 2022 to Rs. 42.58 trillion in December 2023.

Further analysis of the domestic debt components indicates that the long-term public debt increased from Rs. 26.9 trillion to Rs. 34 trillion during this period. Simultaneously, the short-term debt stock rose from Rs. 6.15 trillion to Rs. 8.37 trillion in December 2023. These figures underscore the evolving dynamics of the federal government’s debt structure, reflecting both long-term and short-term debt increments within the given timeframe.