KARACHI – Pakistan has successfully repaid $1 billion international bond, State Bank said on Saturday, amidst signs of economic revival.
The central bank issued a statement, saying the South Asian nation successfully executed the repayment of $1 billion on April 12, 2024.
State Bank said both principal and interest payment was made to the agent bank for distribution to bondholders.
The country’s foreign exchange reserves stabilized lately, with State Bank reserves increasing by $19 million weekly to reach $8.04 billion.
Total liquid foreign reserves, including commercial banks, recovered to $13.38 billion, with commercial banks holding $5.34 billion in net reserves.
After payment for international bonds, SBP-held reserves are expected to move down to around $7 billion, but Islamabad is looking for IMF funds.
The country reached a staff-level agreement on the final review of the $3 billion Stand-By Arrangement (SBA) with the IMF. The Executive Board of global lender is set to meet in late April to approve the disbursement of around $1.1 billion (SDR 828 million) as the final tranche of the SBA.
IMF chief Kristalina Georgieva noted that Pakistan is successfully completing its current program with the IMF, with the economy showing some improvement and reserves being rebuilt. However, she highlighted ongoing challenges, such as expanding the tax base, increasing contributions from the wealthier segments of society, improving public spending, and enhancing transparency.
https://en.dailypakistan.com.pk/12-Apr-2024/imf-chief-says-pakistan-seeking-follow-up-loan-programme
