Pakistan has successfully paid back over one-billion-dollar debt to international financial institutions on Friday.
Despite facing a serious
crisis of foreign exchange reserves, the country seems committed to meet its international
financial obligations to avoid default.
Business Recorder
quoting sources in the State Bank of Pakistan (SBP) said, “Pakistan has paid
back $600 million to the Emirates NBD Bank, the leading Banking Group in the
MENAT region, and $420 million to the DIB on Friday”.
This repayment has put
another strain of $1b to dwindling foreign exchange reserves of the country.
The PDM government is
taking a number of steps to curtail the import bill to manage its external debt
obligations.
In addition, Pakistan is also making efforts to get loans from the other international lenders to build the depleting foreign exchange reserves and avoid default. Pakistan is also trying to finish the 9th IMF review so the other financial institutions like World Bank, Asian Infrastructure Investment Bank (AIIB), and other lenders may release their loans.
Source: Business
Recorder