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Country needs to repay $3bn debt in five months: SBP

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Governor State Bank of Pakistan (SBP) Jameel Ahmad has said that Pakistan is out of default as major external debt payments of $15 billion has been settled in the first half of FY23 and now the country needs to pay some $3 billion external debt, in the remaining period of this fiscal year, which will be managed successfully.

Addressing a press conference after the Monetary Policy Committee (MPC) on Monday at SBP head office, Governor SBP informed that cumulative financing requirements for this fiscal year were $33 billion including $10 billion of current account deficit and $ 23 billion of external debt. The country has successfully settled principal repayments of $15 billion so far during the current fiscal year. Out of this amount $9 billion were paid and $6 billion were rollover, he informed.

Remaining $8 billion needs to be settled in the next five months of this fiscal year. Out of this amount $ 3 billion will be rolled over and some $2.2 billion will be paid and reverted to Pakistan. As a Result, Pakistan has to pay external debt worth $3 billion by the end of June 2023 and this amount will also be managed successfully, he informed.

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