Pakistanis scheduled to pay $1 billion on Dec. 5 against the maturity of five-year sukuk, or Islamic bonds.
- The country needs $32 to $34 billion this fiscal year to meet its foreign obligations.
- Financial experts said the country still needs about $23 billion for the remaining fiscal year.
Pakistan’s default risk as measured by five-year credit-default swaps (
The CDS rose to 75.5 percent on Wednesday, from 56.2 percent a day ago.
Official sources in Washington said last week that the schedule for talks between Pakistan and the IMF had been revised, but negotiations are continuing.
However, media reports claimed that talks that were due to start in early November had been postponed to the third week of this month.
According to these reports, talks are set to resume after Pakistan honors its promise to adjust the sales tax on petroleum products and take other measures required under a loan agreement renewed earlier this year.
But official sources told Dawn News that the talks moved after last month’s release of a
Pakistan will pay $1 billion against the maturity of five-year sukuk or Islamic bonds on December 5.
Minister of Finance
The daily rise in the CDS reflects a dire situation, making it increasingly difficult for governments to raise foreign exchange from the markets through bonds or commercial loans.
The country needs $32 to $34 billion this fiscal year to meet its foreign obligations.
Financial experts said the country still needs about $23 billion for the remaining fiscal year.
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