Karachi June 12 2023: State Bank of Pakistan is not considering debt restructuring of domestic debt as there is no such plan under consideration in any of the scenario, says Governor SBP.
“The total debt repayments for the month of June were USD 3.6 billion out of which USD 400 million has been repaid while USD 2.3 billion can be roll over. The external liabilities for next year are to be around USD 23 billion” says the Governor while speaking to investors after the MPC meeting.
“Market fundamentals will decide where Rupee is going to be next year. We are targeting Current Account Deficit of USD 3.5 billion for this year and next year too” the Governor added.
“Negotiation with IMF are in final stages and likely to be finalized in next few days which will enable us to draw USD 1.2 billion” says the Governor.
On payment related to purchase of Russian crude oil the governor said it is totally depended upon importer in which currency it will decided to settle the payment and has nothing to do with the Central Bank.
State Bank of Pakistan along with ministry of finance is going to launch advertisement campaign to increase the remittance and expect the number to be on higher side for the next fiscal year. In future SBP will facilitate importers to clear their dues as soon as external position improves. Barter trade with Afghanistan, Iran and Russia will help to resolve settlement issues.
The bulk of dollars received under Roshan Digital Account (RDA) were consumed locally. Out of total inflows of USD 6 billion in RDA, USD 3.6 billion has been consumed locally while USD 1.4 billion has been repatriated.
