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The claim that Pakistan has been early-retiring large domestic debt amounts since late 2024, totaling Rs3,654 billion and including a Rs300 billion SBP-related repayment in Jan 2026, is consistently reported by multiple outlets referencing the government’s finance adviser, and matches the user-provided official-style infographic.
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The claim that debt-risk indicators and maturity improved is supported by official publications from the Ministry of Finance and SBP, which document domestic debt ATM improvements around FY25.
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The claim that “this must be printing money” cannot be proven or dismissed from the headline alone. Whether it is inflationary depends on the financing source and accompanying monetary/fiscal operations. An IMF document supports at least one non-inflationary pathway discussed by authorities: using SBP dividend windfalls to reduce borrowing and retire debt.
What’s missing (and what any serious post should demand)
If the Ministry of Finance wants this to land as credibility, not PR, it should publish a one-page reconciliation:
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What portion of early retirement was funded by primary surplus / cash buffers?
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What portion was funded by SBP dividend windfall transfers?
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What portion was funded by new market borrowing (and at what rates/maturities)?
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Net interest savings calculation methodology (not just a headline number).
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Rollover risk profile before/after (T-bills share, PIBs share, ATM by instrument).
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Any impact on reserve money / inflation channel (even a brief SBP note).
Without that, critics will keep filling the gap with conspiracy or cynicism.
