Karachi: The State Bank of Pakistan (SBP) on Monday announced that the government had successfully made a foreign debt repayment of over USD 1 billion — after the maturity of a Sukuk (Islamic financial certificate) that had been floated in the international market five years ago, according to news sources.
This development led to an improvement in the country’s foreign currency reserves, and coincidently took place on the same day as when Moody’s (a New York-based credit rating agency) changed the status of Pakistan’s economic outlook from ‘negative’ to ‘stable’.
Pakistan is expected to pay USD 399.5 million in interest on all outstanding sums of Eurobond and Sukuks in this fiscal year. Additionally, commercial loans of USD 2.3 billion will also mature in this fiscal year, including USD 1.7 billion of China Development Bank; USD 300 million of Bank of China; USD 100 million of Standard Chartered Bank; and USD 200 million of Credit Suisse.
However, it is important to remember that the country is also expected to get the second tranche of USD 450 million from the International Monetary Fund (IMF) in January or February — under the USD 6 billion IMF loan programme launched in July.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
