AIRLINK 75.00 Decreased By ▼ -0.30 (-0.4%)
BOP 4.91 Decreased By ▼ -0.03 (-0.61%)
CNERGY 4.38 Decreased By ▼ -0.01 (-0.23%)
DFML 40.55 Decreased By ▼ -0.63 (-1.53%)
DGKC 85.58 Increased By ▲ 2.27 (2.72%)
FCCL 22.70 Increased By ▲ 1.05 (4.85%)
FFBL 31.85 Decreased By ▼ -0.15 (-0.47%)
FFL 9.38 Decreased By ▼ -0.04 (-0.42%)
GGL 10.07 Decreased By ▼ -0.01 (-0.1%)
HASCOL 6.82 No Change ▼ 0.00 (0%)
HBL 113.92 Decreased By ▼ -0.08 (-0.07%)
HUBC 140.02 Increased By ▲ 0.92 (0.66%)
HUMNL 11.90 Decreased By ▼ -0.10 (-0.83%)
KEL 4.87 Decreased By ▼ -0.04 (-0.81%)
KOSM 4.42 Increased By ▲ 0.06 (1.38%)
MLCF 38.23 Increased By ▲ 0.72 (1.92%)
OGDC 132.00 Decreased By ▼ -0.85 (-0.64%)
PAEL 24.97 Increased By ▲ 0.12 (0.48%)
PIBTL 6.56 Decreased By ▼ -0.04 (-0.61%)
PPL 118.10 Increased By ▲ 0.30 (0.25%)
PRL 26.00 Decreased By ▼ -0.06 (-0.23%)
PTC 13.70 Decreased By ▼ -0.02 (-0.15%)
SEARL 57.40 Increased By ▲ 0.15 (0.26%)
SNGP 66.77 Increased By ▲ 0.27 (0.41%)
SSGC 10.22 Decreased By ▼ -0.02 (-0.2%)
TELE 8.15 Decreased By ▼ -0.06 (-0.73%)
TPLP 10.77 Increased By ▲ 0.07 (0.65%)
TRG 62.75 Increased By ▲ 0.35 (0.56%)
UNITY 26.85 Decreased By ▼ -0.19 (-0.7%)
WTL 1.36 Increased By ▲ 0.01 (0.74%)
BR100 7,866 Increased By 20.4 (0.26%)
BR30 25,352 Increased By 95.7 (0.38%)
KSE100 75,147 Increased By 310.3 (0.41%)
KSE30 24,102 Increased By 97.1 (0.4%)
Markets

Pakistan repays $1bn international bond: central bank

  • SBP says principal plus interest made to agent bank for onward distribution to bondholders
Published April 13, 2024

The State Bank of Pakistan (SBP) said on Saturday the country has successfully executed the repayment of $1 billion Pakistan’s International Bond on April 12, 2024.

The payment, which included principal plus interest, was made to the agent bank for onward distribution to the bond holders, the SBP added.

“After repayment of 2024 bond today, Pakistan's total outstanding international bonds/Sukuks are $6.8 billion (6.8% of public external debt) with the next maturity amounting to $500 million in September 2025,” shared Shahid Ali Habib, CEO Arif Habib Limited (AHL), in a post on Saturday.

Pakistan’s foreign exchange reserves position has somewhat stabilised in recent weeks, with reserves held by the SBP having increased by $19 million on a weekly basis, clocking in at $8.04 billion as of March 29, as per the latest data.

Total liquid foreign reserves held by the country stood at $13.38 billion. Net foreign reserves held by commercial banks stood at $5.34 billion.

With this payment, the SBP-held reserves will fall to around $7 billion, but Pakistan then expects an inflow from the International Monetary Fund (IMF).

Last month, Pakistani authorities reached a staff-level agreement on the second and final review of the $3 billion Stand-By Arrangement (SBA).

The IMF Executive Board is expected to meet “in late April” where approval would pave way for Pakistan to receive funds of around $1.1 billion (SDR 828 million) as its final tranche of the SBA.

Earlier this week, IMF chief Kristalina Georgieva told an event at the Atlantic Council think tank that Pakistan was successfully completing its existing programme with the IMF and its economy was performing somewhat better, with reserves now being built up.

“There is a commitment to continue on this path, and the country is turning to the fund for potentially having a follow-up programme,” Georgieva said, flagging issues that the struggling South Asian nation still needed to address.

“I do believe that there are very important issues to be solved in Pakistan: the tax base, how the richer part of society contributes to the economy, the way public spending is being directed and of course, creating … a more transparent environment.”

Comments

200 characters
KU Apr 13, 2024 02:22pm
Every sane voice is emphasising upon urgent action on fiscal policies and cut in Raj expenses, the rise in frustration and crime is a hint of things to come. Will primates rule us to extinction?.
thumb_up Recommended (0) reply Reply
Maqbool Apr 13, 2024 04:30pm
Great to hear we repaid early , as we have always done before to. However we have 7 billion left. Of which over 6 billion belongs to private citizens USD accounts with Banks in Pakistan.
thumb_up Recommended (0) reply Reply
Usman Apr 13, 2024 05:09pm
Great .keep paying back and we need to collect excess dollar in the market and pay these loans.we need to build a reputation that we payback and we need to do structural reforms to fix the economy
thumb_up Recommended (0) reply Reply
KhanRA Apr 13, 2024 09:20pm
Pakistans biggest problem is that we have one of the world’s lowest tax collection to GDP ratios. When will we realise that if people paid taxes, we wouldn’t need these humiliating IMF loans?
thumb_up Recommended (0) reply Reply
SAd Apr 14, 2024 01:13am
A slap on the face of propagandist, anarchist, self proclaimed saviours and qso called economist. Al-Hamdu-Lillah
thumb_up Recommended (0) reply Reply