Pakistan’s external debt servicing soars 17% YoY to $3.59 billion in Jul-Sep FY21
MG News | November 11, 2020 at 05:04 PM GMT+05:00
November 11, 2020 (MLN): Pakistan’s total external debt servicing (principal and interest) by the government in 1QFY21 increased to a total of $3.59 billion from $3 billion in the same quarter of FY20, showing a growth of 17% YoY.
On a sequential basis, the debt servicing cost shrank by 26% QoQ as it stood at Rs 4.8 billion during Apr-Jun FY20.
As per the quarterly data released by the State Bank of Pakistan (SBP) today, Principal Amount payments during Jul- Sep FY21 totaled at $2.9 billion, major chunk of which ($2.4 billion) comes from the Public debt particularly concentrated under the Government Debt head. Interest payable on the principal of public debt totaled at $427 million. While the interest paid on principal of total debt totaled at $659 million.
Furthermore, during quarter, Pakistan paid $1.17billion and $253 million principal amount on government debt and on IMF loans respectively. Whereas, $317 million and $38 million were paid as interest payments on government’s loan and on loan from IMF. Meanwhile, it is pertinent to mention that within government external debt, the major chunk of $688 million (out 0f 1.4 billion) was paid on multilateral loans followed by $685 million on commercial loans as principal amount.
Moreover, to meet Foreign Exchange Liabilities, the government paid sum of $1,072 million, of which $1000 million paid as principal and $72 million retired as interest payments.
Debt servicing of the Public Sectors Enterprises (PSEs) during quarter reached $93 million, up by 18% YoY. Under this head country paid $40 million as principal payment and $53 million paid as interest.
Furthermore, the total debt servicing of private sector (non-guaranteed debt) increased 18% YoY to $284 million in which $120 million was retired as principal amount while $164 million were paid as Interest.
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