Pakistan’s central bank announced on Wednesday that the country will repay a total of $24.8 billion in foreign debt and interest payments for the fiscal year 2024-25. On Monday, the central bank had estimated repayments at $26.2 billion, including $4 billion in interest. The detailed breakdown reveals that Pakistan was scheduled to repay nearly $5 billion in July alone, including $437 million in interest. Despite these notable payments, the country’s foreign exchange reserves decreased by only $400 million in the week ending July 19, marking a rare drop in the past month. Additionally, the anticipated approval of the IMF loan programme would unlock further multilateral and bilateral inflows, helping the country meet its foreign debt obligations on time.

Source: The Express Tribune August 01, 2024 20:40 UTC