Pakistan maps Rs28.6tr borrowing plan for FY27

Mettis Global reported that the government expects gross financing needs of Rs28.65 trillion in FY27, about 20 per cent of GDP, as set out in the Annual Borrowing Plan from the Finance Division's Debt Management Office. The fiscal deficit is pegged at Rs7.02 trillion, and authorities intend to bridge it chiefly with domestic borrowing, which is set at Rs6.046 trillion net, supplemented by Rs813 billion of external financing and Rs161 billion from privatisation receipts.

The mix is set to lean more on longer-tenor, fixed-rate paper, with Market Treasury Bills reduced by a net Rs2.592 trillion while net Pakistan Investment Bond issuance is put at Rs4.58 trillion. Gross Sukuk issuance is targeted near Rs6.6 trillion, while domestic debt maturities are put at about Rs17.1 trillion, most of it T-Bills. On the external side, net inflows of $2.804 billion are anticipated, with roughly $2 billion expected from international bonds, and no Eurobond maturities are due during the year.

Total public debt reached Rs86.7 trillion at end-June 2026, made up of Rs59.4 trillion domestic and Rs27.3 trillion external. The government said it will keep leaning mainly on domestic sources while managing foreign-exchange risks, and implementation depends on macroeconomic, market and geopolitical conditions.