Pakistan’s external public debt has grown by 6%, says new EAD report
>Pakistan’s total external public debt stood at $77.9 billion as of June 30, 2020, compared to $73.4 billion a year ago, according to a new report released by the Ministry of Economic Affairs Division (EAD). Representing a surge of 6 percent over last year, the country’s current debt has largely been derived from taking loans on fixed interest rates.
The Ministry released its
annual report on foreign economic assistance (FY 2019-20) on Friday. It highlighted the 6 percent increase in external public debt over last year, and noted that 70 percent of the debt consists of loans on fixed interest rates and the remaining 30 percent has been derived from loans obtained on floating interest rates.
Pakistan’s total external public debt stood at $77.9 billion as of June 30, 2020, compared to $73.4 billion a year ago, registering 6 percent growth, says the Ministry of Economic Affairs Division (EAD). The Ministry released an annual report on foreign economic assistance (FY 2019-20) on Friday that noted that as of June 30, 2020, 70 percent of total external public debt consists of loans on fixed interest rates while the remaining 30 percent loans are obtained on floating interest rates.
The composition of external public debt demonstrates that Pakistan’s external public debt is derived from three key sources. The major source is multilateral debt (comprising 51 percent inclusive of IMF (10 percent), followed by bilateral 31 percent (inclusive of China’s SAFE deposits (4 percent)), 10 percent from foreign commercial banks, and 8 percent bonds (inclusive of Eurobonds and Sukuk).
EU to support Balochistan govt through €58 million funds
Funding will address issues of water scarcity and improve education across province
APP
December 12, 2020
ISLAMABAD:
The European Union on Friday announced providing 58 million euros to support the government of Balochistan in its efforts to address issues of water scarcity and improve access and quality of primary and middle-level education across the province.
Following the announcement, Ministry of Economic Affairs Division Secretary Noor Ahmed and Ambassador of the European Union to Pakistan Androulla Kaminara signed two financing agreements.
Kaminara reiterated commitment of European Union to broaden and deepen the development and cooperation with Pakistan and launch next Multi-annual Indicative Programme 2021-27 focusing on priorities of the government of Pakistan.