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Tag Archives: $1 billion

Pakistan pays $1 billion before schedule to avert default

Earlier, the risk of default - measured through a 5-year credit default swap (CDS) - hit a record high of 123 per cent last month. By Ghulam Haider Cash-strapped Pakistan has averted a default on its repayment of $1 billion against a matured international Sukuk (Sharia-compliant bond) three days ahead of schedule. The country was to return the maturing investment in the US dollar-denominated global bond on December 5. "Yes, we have made the payment of $1 billion," State Bank of Pakistan (SBP) spokesperson Abid Qamar told. The bank has made the payment to Citigroup which would transfer the funds onward to the investors. Earlier, the risk of default - measured through a 5-year credit default swap (CDS) - hit a record high of 123 ...

December 5, 2022 at 6:43 pm | Economic Affairs