ISLAMABAD: Pakistan has required to repay US$ 3.7 billion in external debt by the end of June, citing the Ministry of Finance ARY News reported on Tuesday.
“This payment is not a matter of concern for Pakistan,” the finance ministry has clarified. “Pakistan has made arrangements for repayment of the loan,” it further said.
“The country will receive several amounts during this period,” ministry said.
“The government has avoided the default with its efforts,” according to the ministry. “The economy has now been stable and on the path of progress,” finance ministry stated.
Leading credit agency Fitch earlier said that Pakistan has to pay $3.7 billion in debt payments in May.
Hong Kong-based Fitch director Krisjanis Krustins said Pakistan has to make payments of $6.7 billion in the ongoing FY 2022-23.
Giving the breakup, the Fitch director said payment of $3.7 billion will mature in May, while another $3 billion has to be paid by Islamabad in June.
Krustins said the Pakistani rupee might depreciate more due to debt payments. “Foreign payments could put more pressure on Pakistan’s currency.”
The Fitch director also said that Pakistan expects a rollover of $2.4 billion from China to meet its economic needs.
He also stressed the need for Pakistan to revive the International Monetary Fund (IMF) loan program۔
Pakistan has been trying hard to revive the stalled loan program with the International Monetary Fund (IMF).
