economic turnaround? pakistan settles usd 1 billion eurobond as imf negotiations heat up
Pakistan’s central bank announced on Saturday the repayment of a USD 1 billion Eurobond, marking a scheduled payment ahead of the nation’s pursuit of a long-term bailout from the International Monetary Fund (IMF).
Bond RepaymentAccording to the Reuters report, the Eurobond, launched in 2014, reached maturity this month and was repaid on Friday, according to the central bank’s statement. The payment was facilitated through the agent bank for distribution to the bondholders.
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Financial StrugglesPakistan has grappled with a balance of payments crisis, soaring inflation, and significant currency devaluation. These challenges have intensified since an IMF standby arrangement prevented a sovereign default.
Negotiations with IMFThe report added that Finance Minister Muhammad Aurangzeb is set to depart for Washington on Sunday to attend the IMF-World Bank spring meeting. There, negotiations for Pakistan’s 24th long-term IMF bailout will commence. Prime Minister Shehbaz Sharif was briefed about the new IMF program on Friday, the government confirmed.
Expired IMF Standby ArrangementPakistan’s previous IMF standby arrangement of USD 3 billion, secured last summer, expired on Thursday. The final tranche of USD 1.1 billion is anticipated upon the multilateral lender’s board meeting later this month.
Discussions for Long-term BailoutNegotiations between Pakistan and the IMF for a potential long-term bailout have been ongoing, focusing on necessary policy reforms to address deficits, bolster reserves, and manage escalating debt servicing.
IMF’s PerspectiveIMF Chief Kristalina Georgieva confirmed on Thursday that discussions with Pakistan for a follow-up program are underway, reflecting ongoing efforts to stabilise the nation’s economy.
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