Latest World News: Pakistan to repay $2.44 billion in external debt in July

Pakistan’s crippling economy is sitting on a huge pile of debts owed to international organizations and countries like China. For the month of July, Pakistan’s external debt service obligations amount to $2.44 billion for the month of July 2023. The debt also includes $2.44 billion for the month of July 2023 owed to China, ANI reports quoting NEWs International.

Read also : Pakistan gov’t approves massive electricity tariff hike at IMF’s request: report

Additionally, another $1 billion secure deposit from China is also due. This means that Pakistan and China are currently working on refinancing around $3 billion of bilateral debt in the current month.

Read also : Pakistan’s Foreign Reserves Double to $8.73 Billion, Hit Highest Level in Nine Months

Not just China, the Islamic nation must also repay Saudi Arabia’s debt. Pakistan is due to repay the Kingdom of Saudi Arabia about $195 million from the current month, the news agency reported citing The News International. The country must repay Beijing about $363 million in guaranteed bilateral loans, including principal and mark-up payments.

The amount to be reimbursed to France by Pakistan is 2.85 million dollars to Jaoan, it is 4.57 million dollars.

Read also : ‘Former Pakistani PM Imran Khan could be jailed if’: Justice Minister Azam Tarar

In a category of guaranteed bilateral loans, Pakistan is to repay China $402 million in principal and mark up in the current month, The News International reported.

Pakistan is also to separately pay a fine of $4 million in the current month of the 2023-24 financial year. With this, the total bilateral payment due in July 2023 amounts to $513.32 million in the current month.

Read also : IMF warns of ‘exceptionally high’ risks for Pakistan, calls for additional aid beyond election cycle

Pakistan is due to pay interest on the Eurobond account to the tune of $40 million in the current month. With this, Pakistan is due to repay $9 million to commercial banks in the current month due to repayment obligations. The total refund will be made in the form of secure Chinese deposits. The amount is $1 billion.

Pakistan’s repayment to the IMF

Apart from repaying debt amounts to various countries, Pakistan has to repay outstanding loans of $189.67 million to the IMF, including the principal amount of $165.02 million and a mark-up of $24.65 million.

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

Catch all the trade news, market news, breaking events and the latest updates on Live Mint. Download the Mint News app to get daily market updates.

More less

Updated: July 22, 2023, 3:39 PM IST

Also read this Article:

An Overview of Global Events in 2023

In 2023, the world witnessed a myriad of events that left a lasting impact on global affairs. From political developments and economic shifts to environmental challenges and breakthroughs in science and technology, the year was marked by significant changes and a sense of urgency for collective action. Here’s an overview of some of the latest world news in 2023.

Political Unrest and Diplomatic Strides:
In the political arena, several regions experienced unrest and geopolitical tensions. The ongoing conflict in the Middle East continued to dominate headlines, with efforts towards peace and stability remaining elusive. However, there were also moments of diplomatic breakthroughs as nations engaged in dialogues to ease tensions and work towards lasting solutions.

Economic Transformations:
The global economy faced both challenges and opportunities. Trade disputes between major powers affected markets, while some countries grappled with debt crises. On the other hand, emerging economies showed resilience and promising growth, fueling optimism for a more balanced global economic landscape.

Technological Advancements:
Innovation surged forward in the tech industry, with breakthroughs in artificial intelligence, renewable energy, and space exploration. Quantum computing achieved milestones, promising radical transformations across industries. Renewable energy sources gained traction, with many countries setting ambitious goals to combat climate change.

Climate Crisis and Environmental Resilience:
As the climate crisis intensified, extreme weather events wreaked havoc in various parts of the world. Wildfires, hurricanes, and floods reminded humanity of the urgent need for climate action. In response, governments and communities across the globe doubled down on efforts to reduce carbon emissions, invest in sustainable infrastructure, and protect biodiversity.

Health and Pandemic Management:
Health remained a global priority as countries continued to combat the COVID-19 pandemic. With the emergence of new variants, vaccination efforts and public health measures remained crucial to curbing the spread of the virus. There were also significant advancements in medical research and technology, offering hope for better preparedness in handling future health crises.

Sports and Cultural Milestones:
Amidst the challenges, the world found moments of joy and unity through sports and culture. International sporting events brought together athletes from diverse backgrounds, promoting solidarity and camaraderie. Cultural exchanges and celebrations showcased the richness of human diversity and fostered mutual understanding.

In conclusion, the year 2023 was a dynamic period filled with significant events that shaped the course of history. From political unrest to technological advancements and environmental challenges, the world witnessed the complexities of the global landscape. While obstacles remained, there were also encouraging developments and collaborative efforts towards a more sustainable, peaceful, and prosperous future for all nations. As we move forward, the lessons learned from these events serve as a reminder of the importance of collective action and cooperation to address shared global challenges.