Friday, May 24, 2024

Pakistan Repays $1 Billion Eurobond Ahead of IMF Negotiations

Pakistan's central bank announced the successful repayment of a $1 billion Eurobond on Saturday, marking a crucial step in the country's efforts to secure a long-term bailout from the International Monetary Fund (IMF).

The Eurobond, issued in 2014, reached maturity this month and was fully repaid on Friday. The central bank clarified that the payment was made to the agent bank for distribution to bondholders, as per their official statement.

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Facing a severe balance of payments crisis, soaring inflation, and currency devaluation, Pakistan is seeking IMF assistance to address its financial challenges. Finance Minister Muhammad Aurangzeb is set to depart for Washington on Sunday to participate in the IMF-World Bank spring meeting and commence negotiations for Pakistan's 24th long-term IMF bailout.

Read also: IMF Reaches Staff-Level Agreement with Pakistan for $1.1 Billion

Aurangzeb has already briefed Prime Minister Shehbaz Sharif about the new IMF program, as confirmed by an official government statement. The previous IMF standby arrangement, amounting to $3 billion, expired recently, with the final tranche of $1.1 billion expected after the IMF's board convenes later this month.

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Zubair Yaqoob
Zubair Yaqoob
Zubair Yaqoob is a senior anchor, and an investigative journalist with an impressive 37 years of experience. Zubair's journalistic journey has been marked by a relentless pursuit of truth and a commitment to delivering impactful stories.Zubair's expertise extends beyond borders, reaching as far as Malaysia, where he has left an indelible mark on the international journalism landscape. His global perspective and keen analytical skills have allowed him to navigate diverse cultural landscapes, bringing a unique and enriching perspective to his reporting.Whether he's in the studio or on the field, Zubair continues to be a driving force in the world of journalism, bridging gaps, fostering understanding, and unraveling the stories that matter most. As the Headline PK Author, Zubair remains at the forefront of news, guiding audiences through the complexities of our ever-evolving world.

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