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Pakistan Fully Repays $1 Billion International Bond as Financial Outlook Stabilizes

On Saturday, the State Bank of Pakistan (SBP) announced the successful full repayment of a $1 billion international bond on April 12, 2024. This repayment, covering both the principal and interest, underscores Pakistan’s commitment to its financial obligations on the global stage. The payment process was efficiently managed through an agent bank, ensuring timely distribution to the bondholders per the SBP’s directives.

Pakistan Fully Repays $1 Billion International Bond as Financial Outlook Stabilizes

Recent financial data paints a picture of stabilization in Pakistan’s economic landscape. According to the SBP, the country’s foreign exchange reserves witnessed a weekly increase of $19 million, reaching $8.04 billion as of March 29. This uptick contributes to Pakistan’s total liquid foreign reserves, which now stand at $13.38 billion, supplemented by commercial banks holding an additional $5.34 billion in net foreign reserves.

Despite the anticipated decrease in the SBP’s reserves to approximately $7 billion following recent payments, Pakistan is poised to receive a significant financial boost from the International Monetary Fund (IMF). Following successful negotiations, Pakistani officials secured a staff-level agreement with the IMF on the second and final review of their $3 billion Stand-By Arrangement (SBA), affirming continued financial cooperation and support.

The upcoming meeting of the IMF’s Executive Board, scheduled for late April, is expected to unlock approximately $1.1 billion (SDR 828 million) for Pakistan, marking the final tranche of the Stand-By Arrangement. IMF Managing Director Kristalina Georgieva, while speaking at an event hosted by the Atlantic Council think tank earlier in the week, acknowledged Pakistan’s strides in economic performance and highlighted improvements in reserve buildup.

Georgieva’s remarks signify the conclusion of Pakistan’s current financial engagement with the IMF, emphasizing the nation’s progress in addressing economic challenges. However, she also underscored the ongoing need for the South Asian region to tackle remaining issues, reflecting a broader commitment to sustainable economic development.

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By fully repaying its international bond and demonstrating financial stability amidst global uncertainties, Pakistan solidifies its position as a responsible player in the international financial arena, setting the stage for continued economic resilience and growth.

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