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Pakistan News : Pakistan, which is currently facing an unusual financial crisis (huge shortage of foreign currency), will have to pay $100 billion in the next four years. Which is many times more than its current foreign exchange reserves.
Deputy Finance Minister Avi Parvez Malik said last evening (Thursday) that Pakistan has to repay $100 billion to lenders over the next four years.
Currently, Pakistan has a debt of only $9.4 billion, more than 10 times its foreign exchange reserves, as reported by the Express Tribune, a current Pakistani newspaper.
It is found that Pakistan is turning to foreign debt rollover and restructuring (i.e. making certain arrangements and rescheduling and paying in installments) to get out of its continuously deteriorating financial situation.
Pakistan Finance Minister Muhammad Aurangzeb said agreements have been made (to receive) $7 billion from the IMF, but external financial obligations cannot be met.
According to the Express Tribunal report, there will be a financial gap of Rs 5 billion between 2024 and 2026.
While addressing the media, when the journalists asked him whether the government is considering debt restructuring, Ali Parvez Malik did not give any answer.
To make matters worse, this debt of $100 billion from 2024 to 2027 exceeds the liabilities shown on the balance sheet of Pakistan's central bank and the current account deficit shown in the budget.