According to the Ministry of Finance of Pakistan, by the end of June, The country will be responsible for repaying US$ 3.7 billion in external debt. Tuesday’s ARY News report.
“This payment is not a matter of concern for Pakistan,” the finance ministry stated. ” The country has made arrangements for repayment of the loan,” it continued.
During this time span, the country will get multiple sums, the government added.
“The government has avoided the default with its efforts,” the ministry said. “The economy has been stable and on the path of progress,” the finance ministry said.
Pakistan has to submit multiple debt payments in coming months
Pakistan has $3.7 billion in debt payments due in May, according to leading credit agency FItch.
Krisjanis Krustins, director of Fitch in Hong Kong, has stated that the country has $6.7 billion in payments due during the current FY 2022-23.
The director of Fitch provided the following breakdown: in May, $3.7 billion is due, and in June, another $3 billion is due from Islamabad.
Krustins speculated that further depreciation of the the currency due to debt payments was possible. “Pakistan’s currency may come under additional strain from foreign payments.”
According to the Fitch director, the country is counting on a $2.4 billion rollover from China to cover its financial obligations. In addition, he emphasised the importance of Pakistan reviving its IMF credit programme.
The country has been making significant efforts to restart its loan programme with the IMF.
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