KARACHI: The government plans to borrow Rs6.525 trillion from banks through Treasury bills and bonds during the March to May period, according to the auction calendar issued by the State Bank of Pakistan (SBP) on Wednesday.
The government is set to raise Rs5 trillion through its short-term securities known as Market Treasury Bills (T-bills) with maturities of one, three, six, and 12 months. Additionally, it plans to sell fixed- and floating-rate Pakistan Investment Bonds (PIBs) with maturities of two, three, five, 10 and 15 years to borrow Rs1.525 trillion from commercial banks.
Analysts have noted that the auction targets for March-May T-bills and PIBs have increased from the previous target of Rs5.1 trillion, indicating that the government’s borrowing needs to finance the budget deficit are rising. Additionally, in the case of MTBs, the auction targets have been adjusted to align more closely with maturities, as the total amount maturing stands at Rs4.259 trillion.
According to SBP data, the federal government borrowed Rs2.413 trillion from commercial banks between July 1, 2025 and February 20, 2026, compared with Rs725 billion in the same period last year.
The Federal Board of Revenue (FBR) fell short of its projected collection target by a significant Rs429 billion during the first eight months of the fiscal year 2026. Nevertheless, the collection increased by 11 per cent, reaching Rs8.121 trillion during the July-February period of FY26, compared with Rs7.334 trillion recorded in the same period last year.
