Pakistan has to repay $2.44 billion of external debt in July 2023.
The crippled economy of Pakistan is burdened by a significant debt load that it owes to nations like China and international organisations. Pakistan’s commitments to pay interest on its foreign debt for the month of July 2023 total $2.44 billion.
The Islamic country must repay Saudi Arabia’s debt in addition to China. According to the news source citing The News International, Pakistan must return to the Kingdom of Saudi Arabia about $ 195 million of the current month’s payments.
A further $1 billion safe deposit from China is also forthcoming. This indicates that Pakistan and China are now negotiating a rollover of their about USD 3 billion bilateral debt this month.
According to The News International, Pakistan must repay China USD 402 million in principle and markup on a guaranteed bilateral loan type in the current month.
In the current month, Pakistan must pay a total of USD 40 million in interest on its Eurobond. As a result, Pakistan must repay commercial banks $ 9 million in the current month due to payback obligations. Secure Chinese deposits will be used to pay back the entire amount. It is currently $1 billion.
In addition, Pakistan must pay a supplementary $4 million fine for the current month of the fiscal year 2023–24. Together, these factors bring the total bilateral payment required by July 2023 to $513,32 million.