During a few days, the value of the US dollar has decreased by 15.75 Rupees against the Pakistani rupee. Today, Wednesday, at the beginning of the business day, the dollar became cheaper by Rs. 2.14, after which its price has become Rs. 223.50. It should be remembered that in the eighth business session of the Interbank, the US dollar has become cheaper by Rs. 15.75. Sources say that the devaluation of the dollar will reduce Pakistan’s debt by 1950 billion rupees.
The government needs to pay $1 billion on bonds maturing in December. It has interest payments worth around $600 million for the 2022-23 fiscal year but the next full bond redemption is not until April 2024.
All major credit ratings agencies have lowered their outlook since June – all rate the country as highly speculative and risky. Pakistani officials have said the country will be able to meet short-term repayments.
Another South Asian country, Sri Lanka, has defaulted on its debt and the president and government have been toppled in widespread protests caused by the economic crisis. Pakistani officials say there are big differences between Pakistan and much smaller Sri Lanka.
