http://www.thenews.com.pk/Todays-News-2-141966-Pakistan-repays-two-IMF-loans
ISLAMABAD: Pakistan on Thursday paid back instalments of two loans worth $173.2 million to IMF, official sources confirmed to The News.
On account of Standby Arrangement (SBA) programme, Pakistan made repayments to the tune of $146.9 million while in shape of another previous loan Islamabad repaid $26.3 million on Thursday. Another major instalment would become due on November 23 to the tune of around $394 million on account of SBA programme.
Yes, we have paid back $146.9 million in shape of SBA and $26.3 million on account of another previous loans to the IMF, Spokesman of State Bank of Pakistan confirmed while talking to The News on Thursday night.
However, talking to reporters, Advisor to Finance Ministry Rana Assad Amin said that Pakistan was not facing any problem for repaying its foreign loan obligation including the repayments to the IMF loan.
The official sources said that the major instalment would be due on November 23, 2012 to the tune of $258.4 million Special Drawing Rights (SDRs) which would be standing to the tune of $394 million keeping in view the existing Dollar versus SDR parity.
Pakistans foreign currency reserves held by the SBP stood at over $10 billion and because of repayments to the IMF loans, the rupee is under pressure against dollar.
The IMF had projected that the foreign currency reserves held by the central bank would deplete up to $7.5 billion by end June 2013 as total repayments to the IMF were due to the tune of $2.8 billion in the ongoing fiscal year.
By next financial year, Pakistan will have to repay $3.4 to $3.8 billion to the IMF and there would be no other option but to seek fresh loan from the Fund in order to avert looming balance of payment crisis.
COMMENTS: IMF predicts $7.5 billion by June of 2013. Interestingly this does not imclude the $4.7billion outstanding liabilities in the Swaps and derivatives markets. These are short term (3m to 1yr). Official figures are $1.75billion in May'12. My calculations show another $2.48 billion. Add them up and you get the idea.
