ISLAMABAD – Despite signs of economic revival, Pakistan is facing another challenging year as the crisis-hit country needs to repay over $ 27 billion in external debt by the end of this year.
Last year, the Asian nation averted default with the help of friendly nations and international lenders but 2024 starts with the repayment of dues , data shared by State Bank of Pakistan (SBP) disclosed.
It said the country needs to repay foreign debt equal to $27.47 billion by Nov-2024 in principal loans and interest costs.
Data shared by the central bank shows that from Dec-2023 to Nov-2024, the country is required to repay $3.64 billion in interest payments and whopping $23.83 billion in debt.
In the first two months, the country must fulfill payments and further $19.71 billion is due in the next nine months.
To further avoid default and smooth repayment of massive debts, the country will require another bailout package as payments due are said to be elevated than the average forecast of $20-22 billion.
Last year in November, the country’s caretaker finance minister hinted at borrowing further from the International Monetary Fund and other lenders.
The expected payments from the IMF will help the country to provide a critical safety net to bridge the projected current account deficit.
