ISLAMABAD: During the first 22 months of the Shehbaz Sharif government, federal debt increased by Rs13,719 billion.
The increase in federal government borrowing occurred between March 2024 and December 2025. According to State Bank of Pakistan (SBP) data, during the 22-month period from March 2024 to December 2025, domestic debt of the federal government rose by Rs12,687 billion, while external debt increased by Rs1,031 billion.
As a result, total federal government debt rose to Rs78,529 billion by December 2025. In comparison, by February 2024 — the final month of the caretaker government — total federal debt stood at Rs64,810 billion.
According to the SBP, domestic debt of the central government stood at Rs42,675 billion as of February 2024, which increased to Rs55,364 billion by December 2025.
Similarly, external debt of the federal government amounted to Rs22,134 billion in February 2024 and rose to Rs23,166 billion by December 2025.
