Pakistan to pay $600m on maturing Islamic bond
KARACHI (Reuters) - Pakistan is due to pay $600 million on a maturing 5-year Euro Sukuk bond, on Tuesday, an SBP official said.
We have instructed for the payment of $600m to be made and the transaction will go through once the U.S. markets open on Tuesday, said Syed Wasimuddin, chief spokesman for the SBP. Pakistan issued the bond in Jan 2005.
The payment will be drawn from foreign exchange reserves which totalled $15.24b in the week ending on Jan. 16.
Pakistans foreign reserves hit a record high of $16.5 billion in Oct 2007 but fell steadily to $6.6b by Nov 2008, largely because of a soaring import bill.
An IMF emergency loan package of $7.6b agreed in Nov 2008 helped avert a balance of payments crisis and shore up reserves. The IMF increased the loan to $11.3b in July and the central bank received a fourth tranche of $1.2b on Dec. 28.
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