State Bank of Pakistan (SBP) acting Governor Murtaza Syed on Friday said that Pakistan’s external debt of $95 billion is very low.
Pakistan’s external debt of $95 bn is low: SBP. Murtaza Syed said in an interview with a foreign broadcasting organization said that “Pakistan is being unfairly branded with other countries that are much more vulnerable.”
“This is because there is little discrimination between countries in the current times of panic across markets, which are responding in a broad-brush way to the global commodity super cycle, unprecedented Fed tightening, and geopolitical tensions.”
“Pakistan will be able to meet its financial needs comfortably,” he added.
“Pakistan’s external debt of $95 billion is also low, predominantly held by the public sector and mainly sourced from concessional multilateral and bilateral sources”, Syed said.
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While the downward slide of the Pakistani rupee (PKR) continues as the currency has lost Rs1.56 in the interbank market against the US dollar despite the government’s assurances of market stability in the coming days.
According to the data released by the State Bank of Pakistan (SBP), the rupee closed at 228.37, losing Rs1.56 or 0.68%.
As per the economic experts, the downfall of Pakistani rupee against the US dollar is due to the political uncertainty in the country.
The decline in the rupee’s value has accelerated after rating agency “Fitch” downgraded Pakistan’s rating, increased Euro-bond yields and no active supply from the State Bank.