Miftah rules out seeking relief from commercial banks, Eurobond creditors

Islamabad: Federal Minister for Finance and Revenue Miftah Ismail on Friday said in the wake of climate related disaster, Pakistan was seeking debt relief from bilateral Paris Club creditors only and it was not seeking any relief from commercial banks or the Eurobond creditors.

“Given the climate-induced disaster in Pakistan, we are seeking debt relief from bilateral Paris Club creditors. We are neither seeking, nor do we need, any relief from commercial banks or Eurobond creditors”, he said in his tweet.

1. Given the climate-induced disaster in Pakistan, we are seeking debt relief from bilateral Paris Club creditors. We are neither seeking, nor do we need, any relief from commercial banks or Eurobond creditors. We have a $1 bn bond due in December which we will pay on time and

— Miftah Ismail (@MiftahIsmail) September 23, 2022

“We have a $1 bn bond due in December which we will pay on time and in full”, he said adding that the government had been servicing all the commercial debt and would continue to do so.

"We have been servicing all our commercial debt and will continue to do so. Our Eurobond debt is only $8 bn due between now & 2051. That’s not a large burden. A significant portion of our debt is from friendly countries who have said they will re-roll their deposits."

He said Pakistan’s Eurobond debt was only $8 billion due till 2051 which was not a large burden.

“A significant portion of our debt is from friendly countries who have said they will re-roll their deposits”, he added.