Pakistan’s National Debt Soars to Over 70 Trillion Rupees, With Each Citizen Owing 3 Lakh Rupees

According to the State Bank of Pakistan, the federal government borrowed a staggering 1.252 trillion rupees in November 2024, pushing the total national debt to a record 70.366 trillion rupees. This total includes domestic debt of 48.585 trillion rupees and external debt amounting to 21.780 trillion rupees.

The national debt has increased substantially since the end of former Prime Minister Imran Khan’s tenure, when the total debt stood at 43.5 trillion rupees in April 2022. Since then, the PDM-led coalition government, the caretaker government, and the current government under Prime Minister Shehbaz Sharif have borrowed an additional 27 trillion rupees.

The State Bank’s report highlights that the total government debt now constitutes 65% of Pakistan’s GDP, meaning every citizen in the country is currently burdened with a debt of approximately 300,000 rupees.

Furthermore, the government’s debt has grown by 1.1% on a monthly basis, and nearly 10% on an annual basis.

In a statement to the National Assembly last year, the Minister of State for Finance revealed that, over the past five years, the various governments have borrowed a total of 57.27 billion dollars. Of this, 9.81 billion dollars were used for developmental projects, while 3.9 billion dollars went toward paying off interest on the loans.

Historically, Pakistan has also borrowed substantial sums from the International Monetary Fund (IMF). During the tenure of the Pakistan People’s Party (PPP) from 2008 to 2013, the country took a loan of 7.72 billion dollars. The Pakistan Muslim League-Nawaz (PML-N) government, between 2013 and 2018, borrowed 6.48 billion dollars, while the Pakistan Tehreek-e-Insaf (PTI) government borrowed 6 billion dollars between 2018 and 2022.

This growing debt load remains a significant concern for Pakistan’s economy, with increasing reliance on foreign and domestic loans to manage fiscal deficits.