Sunday, May 28, 2023

Pakistan to Repay $1.3 Billion Loan by Jan 10

By January 10, 2023, Pakistan must repay $1.3 billion in international loans, which could further deplete its foreign exchange reserves.
“There is a $1 billion commercial loan repayment obligation to commercial banks in Dubai. Now it has come to light that another loan payback of $300 million is required in relation to a sovereign loan Islamabad provided to the Chinese side for the completion of a significant project.

The total amount of debt repayments that must be made in the first ten days of January 2023 is $1.3 billion, top government officials announced on Friday.
The State Bank of Pakistan now holds $5.88 billion in foreign exchange reserves, but after making $1.3 billion in repayments over the next 10 days, those reserves will plummet to $4.5 billion if no significant infusion of dollars is obtained from any bilateral or multilateral creditors.

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