ANI
03 Dec 2022, 12:37 GMT+10
Islamabad [Pakistan], December 3 (ANI): Pakistan is scheduled to repay the foreign debt over the 12-month period and the old dues.
According to The Express Tribune citing Optimus Capital Management, Pakistan is scheduled to pay the foreign debt and bear debt servicing costs worth USD 26.3 billion over the 12-month period (November to October).
"The 12-month forward external principal and interest liabilities surged to USD 26.3 billion, which includes USD 8.9 billion in December 2022 and January 2023," the securities firm said in a short commentary.
Over the past 11 months, Pakistan's foreign exchange reserves have depleted to critically low levels. This is despite inflows of fresh loans from the International Monetary Fund (IMF) and Asian Development Bank (ADB) in recent months.
The widening gap between rising debt repayment and depleting reserves has put the country in a precarious situation. The economic managers are on their toes and are clarifying almost every day that the country would not default on debt repayments and would successfully make all the international payments on time, according to The Express Tribune.
The Pakistani government is trying every tactic to control the rising imports. For that, they have been using administrative measures since the start of the current fiscal year on July 1, 2022, to manage limited foreign exchange reserves.
The continued delay in the IMF's ninth review of the economy under its USD 6.5 billion loan programme has continued to tighten the foreign payment situation for the country.
Earlier, the country was estimated to repay USD 21.1 billion in the current fiscal year 2023 (July 2022 to June 2023). In the prior fiscal year 2022, it repaid USD 18.7 billion in external principal and interest liabilities, reported The Express Tribune.
Before this, it paid USD 16.8 billion in FY21, USD 15.9 billion in FY20 and retired foreign debt and paid interest money totalling USD 11 billion in the fiscal year of 2019, according to the brokerage house's data. (ANI)
Get a daily dose of Mexico City Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Mexico City Sun.
More InformationArgentine President-elect Javier Milei's foreign minister-designee has announced that Argentina will not be joining BRICS, an international grouping of countries ...
Dubai [UAE], December 1 (ANI): Prime Minister Narendra Modi met the United Kingdom Prime Minister, Rishi Sunak, on the sidelines ...
New Delhi [India], December 1 (ANI): The eighth edition of the Global Technology Summit (GTS) will be held in New ...
LIMA, Peru - A Kichwa tribal leader has been shot to death in an area of the Peruvian rainforest that's ...
Los Angeles [US], December 1 (ANI): And the wait is finally over. The trailer of Anya Taylor-Joy, Chris Hemsworth-starrer 'Furiosa' ...
The president-elect made the announcement after visiting WashingtonArgentina's president-elect, Javier Milei, announced on Wednesday that he has chosen former Wall ...
VERMONT, USA - An Irish-Palestinian-U.S. citizen was among three university students of Palestinian descent injured in a shooting on Saturday ...
DUBAI, UAE: On November 24, countries participating in a five-day conference hosted by the International Civil Aviation Organization in Dubai ...
Fighting can?t go on for months, Secretary of State Blinken has reportedly saidIsrael lacks "credit" to keep the fight against ...
Argentine President-elect Javier Milei's foreign minister-designee has announced that Argentina will not be joining BRICS, an international grouping of countries ...
Dubai [UAE], December 2 (ANI): Italian Prime Minister Giorgia Meloni posted a selfie with Prime Minister Narendra Modi taken during ...
Dubai [UAE], December 1 (ANI): Prime Minister Narendra Modi on Friday wrapped up his day-long visit to the UAE after ...