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Pakistan Economy & Development

Discussion in 'South Asia & SAARC' started by BlueOval, Jul 27, 2010.

  1. Butter Chicken

    Butter Chicken Captain FULL MEMBER

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    Pakistan Media-पाकिस्तान का प्लान विदेशी कर्जा वापस ना करने का(Pakistan's Plan is not to return foreign loans)

     
  2. Butter Chicken

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    Govt takes $450m loan to prop up sliding forex reserves

    ISLAMABAD: Pakistan has obtained a $450-million short-term foreign commercial loan from a Credit Suisse-led consortium of banks aimed at arresting the slide in official foreign currency reserves that have depleted $4.4 billion in just one year.


    The consortium consists of Credit Suisse AG, United Bank Limited and Allied Bank Limited, sources in the Ministry of Finance said on Thursday. They did not disclose the interest rate that the government would pay on the short-term facility.

    It is the third loan agreement that Pakistan has signed with Credit Suisse in the past five months, indicating its growing dependence on an unusual source of foreign financing. Earlier, the finance ministry signed two agreements for a loan of $650 million with Credit Suisse on June 7 and May 18.

    Spokesman for the finance ministry did not comment on the report.

    With the fresh loan, total commercial loans that Pakistan obtained in just three months increased to $703 million, said the sources. These agreements have been signed at a time when independent economists and even the army chief have expressed concern over the “sky-high debt”.

    Due to growing vulnerabilities of Pakistan’s economy, the military has now linked security matters with the country’s economy.

    On the back of fresh foreign injection, the official foreign currency reserves of the State Bank of Pakistan (SBP) increased to $14.158 billion as of October 13. The SBP reported on Thursday that there was a net increase of $370 million in the foreign currency reserves. This appeared to be the result of borrowing from Credit Suisse.

    The government has taken these loans after failing to attract sufficient non-debt creating inflows, like enhanced exports and foreign direct investments, for meeting its external financing requirements.

    The foreign commercial borrowing has temporarily halted the downward slide in the foreign currency reserves, which dropped $4.4 billion in the past one year due to fast drying up of foreign currency inflows through regular channels and a major dip in exports and remittances.

    The sources said due to growing dependence on foreign commercial loans, Pakistan’s external debt servicing has increased significantly in the past three years when the PML-N government started extensively taking short-term loans from commercial banks.

    They said Pakistan would require at least $5.8 billion for foreign debt servicing in the current fiscal year 2017-18. This includes $4.5 billion in principal repayments and $1.3 billion in interest cost. The country is returning these loans by taking more loans.

    Early this month, the federal cabinet regularised nearly $2 billion in foreign commercial loans that the government had obtained during the second half (January-June) of the last fiscal year without prior approval of the cabinet.

    These borrowings were part of a record-breaking $4.4 billion in short-term foreign commercial borrowing by the PML-N government during fiscal year 2016-17 (FY17) that ended on June 30, 2017. Of this, $2.3 billion came from Chinese financial institutions alone.

    Overall, the government of former prime minister Nawaz Sharif had obtained a whopping $35 billion in new loans during his four-year tenure to repay maturing debt and keep official foreign currency reserves at a level which could give a sense of economic stability to investors.

    About $17 billion or nearly half of the total loans obtained from July 2013 to June 2017 were utilised to repay the previous debt. The government added net $18 billion to the country’s total external debt and liabilities – the highest amount added by any government during its tenure.

    Since 2008-09, Pakistan has added $43 billion in external debt, which was more than half of the external debt and liabilities that have been added since independence, according to Dr Ashfaque Hasan Khan, former director general of debt, Ministry of Finance.

    He said the balance of payments position was in a precarious condition and the current account deficit will likely touch $18 billion by the end of current fiscal year.
     
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  3. Butter Chicken

    Butter Chicken Captain FULL MEMBER

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    Unsound projects

    Capital suggestion

    ‘Unsound economic projects’ are the new weapons of war. In the 70s, President Richard Nixon ordered the CIA to “make the [Chilean] economy scream (declassified documents relating to the military coup, September 11, 1973)”. Lo and behold, Pakistan’s economy is screaming today.

    For the record, Pakistani leaders stand convinced of taking on additional layers of debt on top of existing layers of debt. For the record, Pakistani leaders stand convinced of ‘adopting economic policies that are bound to impoverish’ Pakistan.

    For all of us to see, ‘uneconomical, financially non-viable and fiscally unsound’ projects are being bankrolled. The 27-kilometer Orange Line, the light rail rapid transit system, is expected to cost Rs162 billion. The estimated breakeven is Rs175 per ticket. At Rs20 a ticket, the Orange Line will lose Rs40 million a day or Rs14 billion a year every year. Plus, an additional Rs4 billion for operation and maintenance. Assuming that the Chinese loan is concessional, the debt payment of interest and principal is estimated at around Rs10 billion a year. Red alert: The debt burden is in dollars and the project loses money.

    Imagine, the Government of Pakistan has guaranteed an annual Return on Equity (ROE) of 34.49 percent for the Thar Coal Block-I Power Generation Company (Private) Limited. The project cost is estimated at $767 million of which $575 million is debt. The interest rate used as the reference is Inter Bank Offer Rate (LIBOR) of 0.45 percent plus 450 basis points (https://nepra.org.pk/Tariff/IPPs/00...0 TCB-I Upfront Tariff 8694-96 10-06-2016.PDF).

    For the record, the annual Return on Equity guaranteed by the Government of Pakistan on the Sahiwal Coal Power Project stands at a tall 27.2 percent. The interest rate used as the reference is Inter Bank Offer Rate (KIBOR) of 11.91 percent plus 350 basis points. The project cost is estimated at $956 million of which $723 million is debt (https://nepra.org.pk/Tariff/IPPs/Hu...ONT COAL DETERMINATION 31-03-2015 4385-87.pdf).

    Red alert: This is awfully expensive electricity. Our industry cannot produce exportable competitive products with this electricity. Resultantly, we will have a huge dollar-denominated debt servicing burden but no additional exports.

    Nandipur has gone from $329 million to $847 million. Neelum-Jhelum has gone from Rs15 billion to Rs414 billion. The New Islamabad Airport has gone from Rs37 billion to over Rs100 billion. Imagine, the tariff for Nandipur is: Refined Furnace Oil Rs18.17/kWh; High Speed Diesel Rs27.91/kWh and Gas Rs8.44/kWh.

    Pakistan is getting crowded with ‘unsound economic projects’. Debt is the new weapon of war – debt that leads to ‘emergency managers’ and ‘emergency managers’ then “turn over the reins of the economy” to their political masters. The combination of unsound economic projects, debt, enforced austerity (by the IMF) and under-investment in health and education are the new weapons of war. This is what the 4th Generation War is all about.

    Missiles, as weapons of war, are out. Unsound economic projects, as weapons of war, are in. Tanks, as weapons of war, are out. Debt, as a weapon of war, is in. Cold start, as a weapon of war, is dead. An economic strategy based on unsound economic projects is in. Open warfare is out; covert economic operations are in. Military force is out; financial warfare is in.
     
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  4. Butter Chicken

    Butter Chicken Captain FULL MEMBER

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    Pakistan finalises two consortiums to raise another $2b

    ISLAMABAD:

    Pakistan has finalised two consortiums of financial advisors to float dollar-denominated Euro and Sukuk bonds as the country seeks around $2 billion aimed at taking pressure off the balance of payments’ position.


    The Eurobond consortium would comprise of four international commercial banks. The Sukuk bond consortium consists of six banks, said officials in the Ministry of Finance. The financial bids were opened on Tuesday.

    Citibank, Deutsche Bank, Standard Chartered Bank and Industrial & Commercial Bank of China (ICBC) will be mandated to arrange the Eurobond transaction. The government will pitch a minimum $500-million bond but will try to raise at least $1 billion through the Eurobond, said the officials.

    In September 2015, the government had issued Eurobonds valuing $500 million with a 10-year maturity in the international market at an interest rate of 8.25%. It offered 6.12% above the US Treasury rate for the bond, making it one of the most controversial deals.

    The Sukuk bond consortium of financial advisors consists of Citibank, Deutsche Bank, Standard Chartered Bank, ICBC, Dubai Islamic Bank and Noor Bank JSPC, said the officials. Again the government will pitch $500 million Sukuk bond but will try to raise over $1 billion, said the officials. The M3 Motorway (Pindi Bhattian-Faisalabad) would be pledged in collateral to raise loans through the Sukuk bond.

    In September last year, the government raised $1 billion by floating Sukuk bond at 5.5% interest rate.

    The combined size of the two deals could go up to $2 billion or $3 billion, one banking official said on Wednesday.

    The finance ministry did not respond to a request to comment.

    The officials said that the DIB and ICBC had given the lowest financial bids, quoting 1.5% less fee than offered by three Europe-based banks. The finance secretary asked the three commercial banks to match the fee, if they wanted to become part of the consortium, said the officials.

    They said that the Ministry of Finance was not officially announcing the financial advisors consortiums, as it was waiting written concurrence of three European-based banks to match the lowest bids. But their local representatives have already given the verbal concurrence, said the officials.

    This time the government was expecting better price due to availability of liquidity in the international markets. In recent months, Abu Dhabi, Saudi Arabia, Jordan, and Yemen have raised debts from the international markets and their bids were significantly over subscribed.

    But the fluid political situation in Pakistan and the desperation to raise loans to protect the official foreign currency reserves could affect the overall price, said the officials.

    Pakistan is rated B by Standard & Poor’s, B3 by Moody’s and B by Fitch. Pakistan’s ratings are stable for the last couple of years that could also help it get a better price.

    The finance ministry is targeting November 15 to conclude the transactions. The country’s external sector position has significantly weakened due to the current account deficit that swelled to $3.6 billion in the first quarter – 117% more than the corresponding period of the previous year.

    Due to the growing current account deficit, official foreign currency reserves are constantly under pressure and depleted over $2 billion in the past three months alone. The official reserves stood at $14.2 billion as of October 13.

    The global bonds and borrowings from the commercial banks has remained the preferred choice of the finance ministry that has raised $10.8 billion by utilising these two modes since 2014.

    The Senate Standing Committee on Finance is already investigating the 2015 Eurobond issuance. The Standing Committee has been trying to determine whether the money invested by foreigners in the dollar-denominated bonds had actually flown from Pakistan.

    It has twice decided to call the representatives of three international banks, which the government had hired to float $500 million worth of Eurobonds. The government hired Citibank, Deutsche Bank and Standard Chartered Bank for the bond float.

    But each time the finance ministry did not let it happen but the issue remains pending till date.
     
  5. Zer0reZ

    Zer0reZ 2nd Lieutant FULL MEMBER

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    Pak Media On How Pakistan Is Selling Everything Including National Bank For Money




    The Cabinet Committee on Privatization has approved 70 different public sector enterprises for privatization.

    Among these, 43 have been included in the “Early Implementation” program. Presumably the entities included in the Early Implementation program will be privatized within the next few years.

    Some of these have been delisted while others have already completed privatization (such as UBL, HBL and others).

    https://propakistani.pk/2017/10/25/govt-privatizing-70-companies-entities/
     
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  6. Butter Chicken

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    PAKISTAN SOLD THEIR CENTRAL BANK FOR REPAYING LOAN OF 19 BILLION : PAK MEDIA

     
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  7. Zer0reZ

    Zer0reZ 2nd Lieutant FULL MEMBER

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    Chinese Firm to Retain 50% Shares of Pakistan’s Saindak Gold & Copper Mines

    MCC takes the most from current deal. Currently MCC owns 50% of the shares. Rest of it is divided between Balochistan and Federal Government. Balochistan government owns 35% shares while Federal has 15%.

    Chinese firm, Metallurgical Corporation of China (MCC), has been awarded control of Saindak copper-gold project. Shahid Khaqan Abbasi, PM Pakistan, was also present in the ceremony where Chinese firm was awarded the contract extension.

    MCC President Zhang Mengxing along with a delegation including, Balochistan Chief Minister Nawab Sanaullah Khan Zehri, Charge de Affairs of Chinese Embassy Zhao Lijian and officials of the Petroleum Division and the Balochistan government attended the ceremony.

    Previous Arrangement
    MCC and state owned Saindak Metals Limited signed a contract back in 2002 where both companies agreed to a 10-year contract. The contract was to be expired in 2012 when both entities agreed to sign an extension till 2017. The current contract expires on 31st Oct, 2017, however a further 5-year extension has been awarded to the Chinese company. New deal will expire on Oct 30, 2022.

    New Terms
    The terms of new contract have been kept confidential like many other deals that take place in Pakistan

    As per the contract terms signed by cabinet in 2001, Saindak project was given to MCC for 10 years. It was also assured that once contract term of 10 years is completed, ownership of project will be transferred to Balochistan government. This step was taken to ensure the implementation of government’s Aghaz-e-Haqooq-e-Balochistan Package (AHBP).

    It was also agreed upon by all parties in the contract that lease period will only be extended in case when the federal government doesn’t bear any financial obligations.

    The Balochistan government also agreed to extend the contract and continue the arrangement made between SML and MCC. All four stakeholders, MCC, SML, federal and provincial governments, agreed that a North Ore Body (NOB) will be developed.

    MCC didn’t completely agree to the NOB development saying it wasn’t economically sound for them. As a result they asked that royalty fees be reduced and rent be waived. MCC agreed to all other terms of the contract.

    According to reports, provincial government will earn 25% of total profit among other fees. This arrangement has been criticised by many local nationalist leaders saying Baloch people deserve more.

    The federal Cabinet, while approving the new contract, was informed that blister copper was being produced from local areas of Saindak.

    The Meeting
    The Prime Minister, welcoming the Chinese delegation to Pakistan, appreciated the efforts of the Chinese government and companies of investing in the country. Copper-Gold Saindak project employs over 2,000 Pakistanis and local villages are also provided different facilitates by company.

    PM also assured the attendees of the meeting that Pakistan has formulated policies so that foreign investment companies have a working, suitable and friendly environment.

    The government of Balochistan had also consented to the continuation of existing arrangements for the project beyond October and the extension of the lease contract between SML and MCC.

    Cabinet was also briefed about the project area, saying that project area comprises of east, south and north ore bodies. Two ore bodies, east and north, need development for extraction while the third one, south ore, has been completed.
     
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  8. Butter Chicken

    Butter Chicken Captain FULL MEMBER

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    Pakistan Needs Immediate Financial Reforms: World Bank

    The widening macroeconomic imbalances could increase Pakistan ’s vulnerability to external and domestic shocks, stated the World Bank (WB) in its report. The WB’s bi-annual report “Pakistan Development Update”, states that with declining reserves and elevated debt ratios, Pakistan ’s ability to withstand external shocks will be compromised and the risks will remain predominantly on the downside. Policy adjustments will be necessary to reverse these imbalances and restore and maintain macroeconomic stability.The country’s economic growth accelerated to 5.3 percent in financial year 2017 – the highest level in a decade – and could reach 5.8 percent in financial year 2019. However, as growth picked up, internal and external imbalances re-emerged. The fiscal deficit expanded to the highest level in last three years as revenue mobilization weakened and spending increased. On the external front, the current account deficit grew, reaching its highest level in a decade.

    Pakistan needs accelerated economic reforms to speed up growth, create more jobs and bring more stability by addressing growing fiscal and current account deficits, the report maintained .
    “Pakistan has made good progress in making its economy more stable in recent years,” said Illango Patchamuthu, World Bank Country Director for Pakistan in a statement. “In order to sustain this hard-won achievement, Pakistan will need to continue with economic reforms and pursue policies that make the country compete better in global markets”, he added. With 2 million people joining the labor force every year over the next 20 years, a key challenge for Pakistan is to create jobs”, said Enrique Blanco Armas, World Bank Lead Country Economist for Pakistan . “ This will require not only an acceleration in economic growth but also a medium-term agenda to invest massively in human capital to improve labor productivity and overall competitiveness.

    Foreign Banks Receive Final Warning Over Non-Cooperation with Pakistan Govt

    Three foreign banks were given stern warnings by the Senate Standing Committee on Finance and Revenue on 9th of November, 2017.
    The warning was given to the banks regarding an ongoing probe into a two-year-old bond related issue. The banks had previously not bothered to aid the Senate about the matter at hand.

    The banks include: Citibank, Deutsche Bank,
    Standard Chartered Bank.

    Mandviwalla claimed that a Citibank official told that his appearance was not possible as he was traveling while the other two banks refused to cooperate.

    The finance ministry is in talks to bring about 3 financial institutions, along with these banks again, to issue Euro and Sukuk bonds for potentially generating approximately $2 billion from global capital markets. However, these warnings might not be taken lightly and may cause a cancellation of the deal. The finance ministry has to give directives to two different associations for issuing these bonds later this month. Unfortunately, Finance Minister Ishaq Dar’s absence has caused a delay of an additional three weeks in the issuance of the bonds. Initially, the deal was to be completed by 15th November. The finance ministry aims to potentially complete this deal before the closure of the western and European capital markets for Christmas vacations.

    In addition to this, Pakistan’s foreign reserves have dropped to a staggering $13.8 billion which are so much so that the three-month import bill can just be covered.The finance ministry has also been granted commercials loans, by the three European banks, to cover the increasing balance of payments requirement.

    On the other hand, Noor Ahmad, Additional Secretary External Finance, requested the committee to be lenient with the banks since any strict decision may be problematic for the government.
     
  9. Butter Chicken

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    Af-Pak annual trade volume dropped from $2.5 bln to $0.7 bln

    PESHAWAR (Pajhwok): Tariff and non-tariff barriers have led to a free fall in trade between Afghanistan and Pakistan, say business community leaders.

    The annual bilateral trade volume had dropped from $2.5 billion to $700 million, Sarhad Chamber of Commerce and Industry (SCCI) President Zahidullah Shinwari said,

    While opposing new documentation for trade with Afghanistan, he warned trade between the neighbours would further decrease as a result of the new restrictions.

    At a meeting with customs clearing agents from Torkham, Shinwari said recently the Model Customs Collectorate (MCC) in Peshawar recently issued new documentation for exports to Afghanistan.

    The measure had caused serious problems for both the customs clearing agents and traders, he said, adding about 18,000 export vehicles previously used to cross into Afghanistan on a daily basis.

    “But after the fresh documentation condition, hardly 250 such vehicles leave for the neighbouring country daily,” Shinwari explained, asking the Federal Board of Revenue to scrap the formality.
     
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  10. Butter Chicken

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    Foreign exchange: SBP's reserves fall 1.32% to stand at $13.7b

    KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased 1.32% on a weekly basis, according to data released by the central bank on Thursday.

    On November 10, foreign currency reserves held by the central bank were recorded at $13,677.6 million, down $183.6 million or 1.32% compared to $13,861.2 million in the previous week, according to the central bank.

    The decline in reserves has been attributed to external debt and other official payments.

    Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $19,695 million. Net reserves held by banks amounted to $6,017.4 million.

    A few months ago, foreign currency reserves increased due to official inflows including $622 million from the Asian Development Bank (ADB) and $106 million from the World Bank.

    Earlier, the SBP received $350 million under the Coalition Support Fund (CSF) and made payments of $62 million for external debt servicing.

    In January, the SBP made a $500-million loan repayment to the State Administration of Foreign Exchange (SAFE), China.
     
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  11. Butter Chicken

    Butter Chicken Captain FULL MEMBER

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    PIA Planning to Sell Roosevelt Hotel & Other Assets to Settle Liabilities

    Pakistan International Airlines (PIA) is all set to vend some of its critical assets like the ‘Roosevelt Hotel’ to make the airline financially stable again.

    The current liabilities of PIA, which contributes 1.5% to the country’s GDP, have reached a whopping amount of Rs. 352 billion halting many of its operations and services.

    The plan shared by the CEO asserted that the investments can be redeemed by the government in 2022 when the PIA’s capitalization will match that level.

    The plan also suggested the government to pick debt-servicing cost of Rs. 59.334 billion for 2018 and Rs. 49.98 billion for 2019, respectively. Cyan stated that these debts will allow the entity to stand on its own feet and make improvements in these two years.

    The plan further predicted that the PIA will be able to bear the debt-servicing cost for the year 2020, 2021 and 2022 itself – without any external support.

    The CEO revealed that PIA’s fleet is also expected to increase from 36 to 44 by 2022 though five of the ATR 72 aircrafts will terminate their operations by 2022.

    PIA management informed the cabinet that the closure of PIA, which provides employment to over 18,000 people directly and over 50,000 people indirectly, would result in unemployment issues and the passengers would miss out on direct flights to many countries that other domestic airlines do not offer.
     
  12. Butter Chicken

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    Current account deficit increases by 100pc

    ISLAMABAD - The current account deficit of Pakistan has shown 100 increase during the July-October period, indicating poor financial management and lack of proper handling of the accounts of the country. According to the report of SBP released on Monday, regarding the current account status of the country, the State Bank reported that there has been 100pc increase in the current account deficit of the country in July-Oct 2017. SBP said the current account deficit has been increased from US dollars 2.25 billion to 5 billion during July-Oct 2017 as compared to same months last year.
     
  13. Butter Chicken

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    Amid declining reserves, Pakistan set to start borrowing journey

    ISLAMABAD: After a little over a year, Pakistan will today (Wednesday) hold road shows in the Middle East and the United States as it looks to borrow up to $3 billion by floating Islamic and conventional bonds.

    The country, currently suffering from declining foreign exchange reserves, wants to finalise the bond issue on November 29 in New York.

    The central bank’s official foreign currency reserves have depleted to $13.6 billion due to mounting trade and debt related payments. The current account deficit widened to over $5 billion during July-October period of this fiscal year – higher by almost 122% over the same period of the last fiscal year.

    Last time, Pakistan had floated Sukuk in September 2016 at the lowest interest rate of 5.5% but its September 2015 five-year Eurobond at 8.25% was the most expensive deal.

    The road shows would begin from Dubai. The next stopover will be in London and after that the team will leave for the United States, said an official of the finance ministry.
     
  14. Butter Chicken

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    Pakistan borrows another $500m from China

    ISLAMABAD: Pakistan has obtained yet another foreign commercial loan of $500 million from the Industrial and Commercial Bank of China (ICBC), a move aimed at stopping official foreign currency reserves from slipping to dangerous levels.

    With the fresh foreign loan that Islamabad contracted on October 11, total foreign commercial borrowings in the first four months of this fiscal year have crossed $1 billion, said sources in the Ministry of Finance.

    The finance ministry had informed parliament in June this year that it would obtain $1 billion as commercial loans during 2017-18 that will end in June next year. However, it has already breached the limit with eight months remaining.

    So far, Citibank has given $267 million and Credit Suisse AG loaned $255 million. Pakistan had signed a $450-million short-term foreign commercial loan contract with the Credit Suisse-led consortium in order to boost reserves and pay off a previous loan of Credit Suisse.

    Citibank and ICBC are among half a dozen banks that Pakistan has engaged as joint lead managers to float Sukuk and Eurobonds. The road shows for the Sukuk and Eurobond began on Wednesday to raise $2 billion to $3 billion for propping up official foreign currency reserves.

    The ICBC had also given $300 million commercial loan in the last fiscal year. The loans were obtained to stop the downward slide of the official foreign currency reserves that currently stand at $13.67 billion. The finance ministry was trying hard that the reserves do not slip below two-and-a-half-month import bill cover.

    [​IMG]

    The official foreign currency reserves have depleted by $2.5 billion since July this year due to a high import bill. The current account deficit during the first four months of the fiscal year widened to over $5 billion – higher by 122% over the same period of the previous fiscal year.

    During the past four and a half years, the PML-N government has been subjected to severe criticism for acquiring expensive foreign debt and increasing the overall debt pile. Pakistan’s debt sustainability indicators have worsened in the past one year and its external debt to foreign exchange earnings ratio has further deteriorated, affecting repayment capacity.

    Foreign loans are only productive when these are utilised for asset building as this provides a source of earnings, according to a study carried out by renowned economist Dr Kaiser Bengali. His work suggested that with a shift in focus from project to programme loans, the country’s infrastructure is completely ignored and it has started to collapse.

    Bengali argued that as long as the rate of return is at least 1% higher than the cost of borrowing, foreign debt does not create trouble in debt management. However, most of the fresh borrowings are going to meet budget financing needs, which adds to the burden on the government.

    During July-October period of this fiscal year, Pakistan obtained $2.3 billion worth of foreign loans, which is equal to 30% of the annual budgetary estimates of $7.6 billion.

    During the first four months (July-October) of this fiscal year, Pakistan obtained new loans amounting to $2.3 billion and overwhelming majority of them are meant for filling the massive budget deficit gap and building foreign currency reserves.

    The share of foreign commercial banks in total loans stood at 44% or $1.022 billion. China was the largest source that gave $917 million. Beijing gave $500 million as a commercial loan and another $417 million for project financing.

    The Islamic Development Bank was the second largest contributor with $509 million.

    The Asian Development Bank disbursed only $161 million for projects’ financing in the first four months, which was about 14% official annual estimate of $1.2 billion. The World Bank released $154 million in July-October period – equal to 15% of the official annual estimates of $1.03 billion.
     
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  15. Butter Chicken

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    Govt likely to raise only $1.5b through Eurubonds, sukuk issuance
    (Thanks to the dharna!)

    ISLAMABAD: The federal cabinet has approved borrowing of up to $3 billion via a Eurobond and sukuk, but the government would “most likely” raise only $1.5 billion, a senior Pakistani government official told Reuters on Tuesday.

    Pakistan’s foreign exchange reserves decreased by $137 million to $13,541 million in the week ended November 17, compared with $13,678 million in the previous week, latest central bank data showed.
     

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