Monday, May 20, 2024

Pakistan Successfully Repays $1 Billion in International Bonds

Pakistan successfully repaid $1 billion on April 12, 2024, in international bonds, as confirmed by the State Bank of Pakistan (SBP). This repayment included both the principal amount and the interest owed on the bonds, which were sent to the agent bank for distribution to the bondholders.

As a result of this international payment, the State Bank of Pakistan expects its foreign exchange reserves to decrease to around $7 billion. Nevertheless, the country is hopeful for a cash inflow from the International Monetary Fund (IMF) by the end of the month, which would help counteract the reduction in reserves.

Recently, Pakistan’s foreign exchange reserves have shown signs of stability. Data from March 29 indicates that the reserves managed by the SBP grew by $19 million within a week, totaling $8.04 billion.

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