<h1>Public debt rises to USD 286.8B as debt-to-GDP nears 70% amid domestic and external financing increases</h1> Total public debt reached USD 286.832 billion (PKR 80.6 trillion) as of June 2025, a nearly 13% year-on-year increase, with domestic debt at PKR 54.5 trillion (up 15%) and external debt at USD 91.8 billion (up 6%). The debt-to-GDP ratio rose to about 70% from 68%, driven mainly by lower-than-expected nominal GDP growth amid significantly lower inflation. External increases were linked to IMF disbursements, an ADB-guaranteed USD 1 billion commercial loan and other multilateral inflows. The federal government holds 84% of external public debt; provincial and subnational shares include the largest province at USD 6.18 billion and the second at USD 4.67 billion.