Pakistan has to pay $3.7 billion in debt payments in May: Fitch

ISLAMABAD: Pakistan has to pay $3.7 billion in debt payments in May, the world’s leading credit agency Fitch said on Friday.

Hong Kong-based Fitch director Krisjanis Krustins said Pakistan has to make payments of $6.7 billion in the current ongoing FY2022-23.

Giving the breakup, the Fitch director said payment of $3.7 billion will mature in May, while another $3 billion has to be paid by Islamabad in June.

Krustins said the Pakistani rupee might depreciate more due to debt payments. “Foreign payments could put more pressure on Pakistan’s currency۔”

The Fitch director also said that Pakistan expects a rollover of $2.4 billion from China to meet its economic needs.

He also stressed the need for Pakistan to revive the International Monetary Fund (IMF) loan program۔

Pakistan has been trying hard to revive the stalled loan program with the International Monetary Fund (IMF).

On April 21, it was reported that the International Monetary Fund (IMF) asked Pakistan to ‘do more’ to unlock stalled loan programme despite the assurances from Saudi Arabia and the United Arab Emirates about external funds.

The meeting of Finance Secretary Hamid Yakoob in the US remained ‘unfruitful’ with the International Monetary Fund as the international lender has given the plan to arrange $1 billion from commercial banks to unlock the loan program.