AVN 65.31 Decreased By ▼ -0.86 (-1.3%)
BAFL 30.25 No Change ▼ 0.00 (0%)
BOP 4.63 Decreased By ▼ -0.10 (-2.11%)
CNERGY 3.89 Decreased By ▼ -0.12 (-2.99%)
DFML 13.50 Decreased By ▼ -0.60 (-4.26%)
DGKC 42.15 Decreased By ▼ -1.54 (-3.52%)
EPCL 46.13 Increased By ▲ 1.48 (3.31%)
FCCL 11.45 Decreased By ▼ -0.38 (-3.21%)
FFL 5.19 Increased By ▲ 0.22 (4.43%)
FLYNG 5.82 Decreased By ▼ -0.28 (-4.59%)
GGL 10.04 Decreased By ▼ -0.34 (-3.28%)
HUBC 63.21 Increased By ▲ 0.91 (1.46%)
HUMNL 5.73 Decreased By ▼ -0.12 (-2.05%)
KAPCO 27.81 Increased By ▲ 0.26 (0.94%)
KEL 2.15 Decreased By ▼ -0.06 (-2.71%)
LOTCHEM 25.37 Decreased By ▼ -1.23 (-4.62%)
MLCF 21.65 Decreased By ▼ -0.87 (-3.86%)
NETSOL 84.95 Decreased By ▼ -1.25 (-1.45%)
OGDC 86.64 Increased By ▲ 0.37 (0.43%)
PAEL 10.96 Decreased By ▼ -0.31 (-2.75%)
PIBTL 4.21 Decreased By ▼ -0.07 (-1.64%)
PPL 78.65 Decreased By ▼ -1.43 (-1.79%)
PRL 13.61 Decreased By ▼ -0.05 (-0.37%)
SILK 0.88 Decreased By ▼ -0.02 (-2.22%)
SNGP 41.00 Decreased By ▼ -0.75 (-1.8%)
TELE 6.01 Decreased By ▼ -0.20 (-3.22%)
TPLP 16.02 Decreased By ▼ -0.25 (-1.54%)
TRG 111.89 Decreased By ▼ -0.66 (-0.59%)
UNITY 14.01 Decreased By ▼ -0.34 (-2.37%)
WTL 1.14 Decreased By ▼ -0.06 (-5%)
BR100 4,026 Decreased By -48.6 (-1.19%)
BR30 14,402 Decreased By -123 (-0.85%)
KSE100 40,451 Decreased By -396 (-0.97%)
KSE30 15,110 Decreased By -101.7 (-0.67%)
Follow us

The State Bank of Pakistan (SBP) paid back $1 billion against Sukuk bonds on Friday, three days before its maturity.

There has been growing uncertainty about the South Asian country’s ability to meet its external financing obligations, as the nation faces depleting foreign exchange reserves which have dropped to $7.5 billion, and is still reeling from devastating floods that killed over 1,700 people.

Bloomberg on Friday reported the SBP transferred the payment on the dollar bonds, which were to mature on December 5, to Citigroup Inc.

Citi will distribute the funds onward to creditors, informed Abid Qamar, chief spokesperson at the SBP.

Last week, SBP Governor Jameel Ahmad told an analyst briefing that the bond repayment of $1.08 billion, which matures on December 5, would be made early.

He added that funding had been lined up from multilateral and bilateral sources to ensure the repayment would not affect foreign exchange reserves.

Moreover, talks with the International Monetary Fund (IMF) for the next loan tranche have also been delayed leaving Pakistan in dire need of external financing.

However, Finance Minister Ishaq Dar on Friday said that the country expects to secure $3 billion in external financing from a friendly country in two weeks.

In an interview to Geo News on Friday, Dar said he was not concerned whether the IMF’s team arrived or not for the ninth review of Pakistan’s $7bn Extended Fund Facility (EFF).

‘Won’t take IMF’s dictation’: Dar

“I don’t care if they come. I don’t have to plead before them. I have to look at Pakistan’s matters.”

He added that the IMF team was “most welcome” to come and the government was dealing with it on a weekly basis.

“Our ninth review is totally in order. Everything is in order and under normal circumstances … I have reassured them that our ninth review is in order and you should come and give Pakistan the $500 million,” Dar said.

He said the IMF could “not dictate” to the government. “If they don’t come then we will manage — no problem,” the finance minister added.

Earlier, the Kingdom of Saudi Arabia (KSA) had extended the term for a $3 billion deposit in the SBP through the Saudi Fund for Development (SFD) "in support of the Pakistani economy", the central bank said on Friday. The funds are already part of the SBP-held foreign exchange reserves.

Comments

Comments are closed.

Gnay.Aly Dec 03, 2022 09:17pm
Lier is lier FRAUDULENT is FRAUDULENT Money
thumb_up Recommended (0)
SajjadIlyas Dec 04, 2022 05:48pm
LOL everything is in order as per champion of #Darkonomics. Remittances declining, Exports falling, LSM declining, Employment increasing, Reserves falling and list continues. This happens when you make champion of financial corruption Finance Minister.
thumb_up Recommended (0)

SBP repays $1bn bond before due date

Imran Khan to contest by-elections on all 33 NA seats: Qureshi

Ishaq Dar announces 35-rupee hike in prices of petrol and diesel

FM Bilawal arrives in Moscow on two-day official visit

India's Adani Group: Hindenburg report intended to create false market

Gulf stocks rise on hope of slower Fed rate hikes

At least 41 killed as passenger coach falls into ravine in Lasbela

6.3 magnitude earthquake jolts Islamabad, surrounding areas

Ten children killed in northwest Pakistan boat capsize

Blinken arrives in Egypt as Middle East violence erupts

Former UN chief calls for climate action over ‘visions’ at COP28