Pakistan’s external debt tops $122 billion

06:17 PM | 28 Sep, 2021
Pakistan’s external debt tops $122 billion
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ISLAMABAD – Pakistan’s total external debt and liabilities have surpassed record $122 billion, it was disclosed during a meeting of the National Standing Committee for Economic Affairs.

Mir Khan Muhammad Jamali chaired the meeting where Additional Secretary for Economic Affairs Zulfiqar Haider gave a briefing on Pakistan’s foreign debt and repercussions of currency devaluation.

The external debt and liabilities (EDL) were $96 billion as of June 30, 2018 and it witnessed a surge of $26 billion in three years.

Haider said that Pakistan has to repay $3.785 billion to Paris Club, which has recently announced extension in the deadline for Pakistan to service its debts due to Covid-19 pandemic.

Commenting on it, MNA Qaiser Ahmed Sheikh said that when Paris Club had announced first extension the dollar rate was around Rs50 cheaper than today. He said that Pakistan would have to suffer due to change in exchange rates.

Secretary economic affairs Asad Hayauddin said that Pakistan has taken $22.37 billion for 124 projects from international financial institutions.

PML-N’s Ayesha Ghaus Pasha said that the dollar rate would be surged to Rs174 due to an agreement between IMF and the government.

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