$22bn required to pay debt in next twelve months: Ishaq Dar

November 08, 2022 (MLN): Pakistan is required to have $22 billion to meet multilateral and commercial liabilities in the next twelve months, Finance Minister Ishaq Dar said during an interview with a local news channel. 

As of now, the government has successfully secured the commitment of around $13bn which also includes debt rollovers.

To note, the foreign exchange reserves of the cash-strapped economy were at a historic low during the previous week. However,  foreign exchange reserves held by the State Bank of Pakistan (SBP) have surged by $1.47bn to $8.91bn during the week ended on October 28 mainly due to an inflow of $1.5bn from the Asian Development Bank (ADB).

With regards to the foreign exchange market, he informed that the government and the central bank are considering penalties and fiscal steps against those involved in the manipulation of foreign exchange reserves. 

Earlier this week, he said that the country was expected to receive financing of $4.75 billion from China through commercial banks and deposits and $3bn from Saudi Arabia.

During the recent visit of Prime Minister Shahbaz Sharif to Beijing, Chinese leaders promised to renew a loan worth $4bn for Pakistan, he added.

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