External Debt Drops Below $130 Billion Owing to Debt Repayments, Less Borrowing

Pakistan’s gross external debt was squeezed by $3.28 billion from $130.196 billion to $126.91 billion mainly due to high repayments and low new borrowing during the first quarter of the current fiscal year.

According to the State Bank of Pakistan, the external debt decreased from $130.196 billion to $126.91 billion during the first quarter of the current fiscal year.

The public external debt decreased from $99.972 billion to $97.212 billion during the first three months of the current fiscal year. Out of public external debt, the government external debt was reduced by $81.94 billion to $78.919 billion including the external debt of the Paris Club was reduced from $9.232 billion to $8.283 billion, multilateral external debt was $34.023 billion to $33.363 billion.

Another bilateral debt was reduced from $18.053  billion to $17.717 billion, loans against Euro/Sukuk global bonds remained the same at $8.8 billion, commercial loans/credits decreased from $9.481 billion to $8.95 billion, local currency securities remained the same at $5 million and the external debt against Naya Pakistan Certificate was decreased from $953 million to $763 million during the three months.

The short-term government foreign debt stock decreased from $1.35 billion to $1.0 billion during the period.

The data shows that the IMF’s loan increased from $6.89 billion to $7.592 billion including 5.188 billion outstanding from the federal government and $2.4 billion from the Central Bank during the three months of the current fiscal year.

The external debt against foreign exchange liabilities was reduced from $11.13 billion to $10.7 billion including $2.7 billion against central bank deposits, $4.24 billion against other liabilities (SWAP), and $3.76 billion against the allocation of Special Drawing Rights (SDR) during the first quarter of the current fiscal year.

The data shows that the external debt of public sector enterprises (PSEs) decreased from  $8.199 billion to $7.918 billion including $6.906 billion in guaranteed external debt and $1.0 billion nonguaranteed debt during the first quarter of the current fiscal year.

The external debt of the banking sector decreased from $5.947 billion to $5.725 billion including bank $2.92 billion in borrowing and $2.804 billion in non-resident deposits during the three months of the current fiscal year, the data shows.

According to the State Bank, the external debt of the country’s private sector increased from $11.649 to $11.681 billion in the shape of nonguaranteed external debt during the current period.

The foreign liabilities to direct investors-intercompany debt were reduced from $4.429 billion to $4.377 billion during the first quarter of the current fiscal year.



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