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Business News/ News / World/  Pakistan has to repay $2.44 billion of external debt in July 2023

Pakistan has to repay $2.44 billion of external debt in July 2023

Pakistan's external debt servicing obligations for July 2023 amount to USD 2.44 billion, with USD 2.07 billion owed to China and USD 195 million to Saudi Arabia

FILE PHOTO: People wait for their turn to get fuel at a petrol station in Peshawar, Pakistan January 30, 2023. REUTERS/Fayaz Aziz/File Photo (REUTERS)Premium
FILE PHOTO: People wait for their turn to get fuel at a petrol station in Peshawar, Pakistan January 30, 2023. REUTERS/Fayaz Aziz/File Photo (REUTERS)

Pakistan's crippling economy is sitting on a large pile of debt taken from international organisations and countries like China. For the month of July, Pakistan's external debt service obligations stand at $2.44 billion for the month of July 2023. The debt also includes $2.44 billion for the current month of July 2023 owed to China, reports ANI quoting the NEws International.

Also Read: Pakistan govt approves massive hike in power tariff on IMF demand: Report

Moreover, another $1 billion safe deposit from China is also due. This means that Pakistan and China are currently working on the rollover of around USD 3 billion bilateral debt within the ongoing month.

Also Read: Pakistan’s forex reserves double to $8.73 billion, reach nine-month high

Not just China, the Islamic nation has to pay back Saudi Arabia's debt as well. Pakistan has to pay back the Kingdom of Saudi Arabia around $ 195 million of the current month, reported the news agency citing The News International. The country needs to repay Beijing around USD 363 million in guaranteed bilateral loans, including principal and markup payments.

The amount needed to be repaid to France by Pakistan is USD 2.85 million to Jaoan, it is USD 4.57 million.

Also Read: 'Ex-Pakistan PM Imran Khan could be jailed if…': Law Minister Azam Tarar

In a guaranteed bilateral loans category, Pakistan needs to repay China to the tune of USD 402 million as principal and mark up in the ongoing month, The News International reported.

Pakistan also has to separately pay a penalty of $4 million within the ongoing month of fiscal year 2023-24. With this, the total bilateral payment due within July 2023 stands at $ 513,32 million during the current month.

Also Read: IMF warns of 'exceptionally high' risks for Pakistan, calls for additional aid beyond election cycle

Pakistan has to pay as interest payment on account of Eurobond to the tune of USD 40 million in the ongoing month. With this, Pakistan needs to pay back $ 9 million to commercial banks in the current month due to payback obligations. The total payback will be made in the form off secure Chinese deposits. The amount stands at $1 billion.

Pakistan repayment to IMF

Apart from repaying debt amounts to different countries, Pakistan has to repay the IMF to the tune of outstanding loans of USD 189.67 million including the principal amount of USD 165.02 million and markup of USD 24.65 million.

To the Asian Development Bank, the country has to repay outstanding loan repayment of $ 56.9 million, the World Bank's International Development Association (IDA) repayment of USD 72.06 million and the International Bank for Reconstruction and Development (IBRD) USD 8.82 million and some minor repayments to International Fund for Agricultural Development (IFAD) and other donors. The total repayment to the multilateral creditors in July stands at USD 149.41 million, The News International reported.ade

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Published: 22 Jul 2023, 03:39 PM IST
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