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Pakistan plans to prepay ADB, WB, IMF loans from next year
Bangalore, June 15: Armed with foreign exchange reserves of USD 10.5 billion and controlling fiscal deficit to 4.6 per cent, Pakistan today said planned to prepay its debts to International Monetary Fund, World Bank and Asian Development Bank from next year.
Bangalore, June 15: Armed with foreign exchange reserves of USD 10.5 billion and controlling fiscal deficit to 4.6 per cent, Pakistan today said planned to prepay its debts to International Monetary Fund, World Bank and Asian Development Bank from next year.
"We will prepay the IMF, World Bank and ADB from the coming year (July 2003 to June 2004)," Governor of Bank of Pakistan Dr Ishrat Husain told reporters here.
Husain is in Bangalore to attend the 32nd annual meeting of Asian Clearing Union (ACU) being organised by the Reserve Bank of India.
"We have almost USD five billion in external debt from these institutions and depending on the inflow, we will be able to prepay," he said, but declined to comment on the amount of debt to be serviced.
Pakistan's foreign exchange inflows were largely due to repatriation by non-resident Pakistanis who have reposed confidence on the economy, Husain said adding the management of forex reserves and prepayment to multilateral institutions were inter-linked.
He said the gross external debt had been reduced from USD 38 billion in 1999-2000 to USD 34 billion as on June 2003. The net external debt was USD 26 billion, which was 40 per cent of its GDP.
Bureau Report
Husain is in Bangalore to attend the 32nd annual meeting of Asian Clearing Union (ACU) being organised by the Reserve Bank of India.
"We have almost USD five billion in external debt from these institutions and depending on the inflow, we will be able to prepay," he said, but declined to comment on the amount of debt to be serviced.
Pakistan's foreign exchange inflows were largely due to repatriation by non-resident Pakistanis who have reposed confidence on the economy, Husain said adding the management of forex reserves and prepayment to multilateral institutions were inter-linked.
He said the gross external debt had been reduced from USD 38 billion in 1999-2000 to USD 34 billion as on June 2003. The net external debt was USD 26 billion, which was 40 per cent of its GDP.
Bureau Report