Islamabad: Pakistan’s Ministry of Finance has made history by repaying Rs 2,600 billion in debt ahead of schedule, Finance Advisor Khurram Shehzad announced. The early repayment included Rs 1,633 billion to the State Bank within just 59 days, with Rs 500 billion retired on June 30 and Rs 1,133 billion on August 29.
In addition, Rs 1,000 billion of commercial market loans were also repaid ahead of time. According to the Ministry, with an expected $20 billion inflow for the private sector, Pakistan’s total debt portfolio will rise to $40 billion.
Khurram Shehzad said the early repayment sets a historic precedent while noting that the World Bank has approved a concessional $20 billion loan for Pakistan. Further, $20 billion is expected for the private sector through IFC, bringing the total debt volume to $40 billion.
