Pakistan repays $1b in Eurobonds

ISLAMABAD: In anticipation of applying for a long-term bailout from the International Monetary Fund (IMF), Pakistan has paid back $1 billion in Eurobonds as scheduled.

This month marked the bond’s maturity. It was issued in 2014 and paid back on Friday.

The State Bank of Pakistan released a statement saying, “The payment was made to the agent bank for onward distribution to the bond holders.”

Since an IMF standby agreement prevented a sovereign default, Pakistan has been dealing with a balance of payments crisis, record inflation, and sharp currency devaluation.\

In order to attend the IMF-World Bank spring conference in Washington, Finance Minister Muhammad Aurangzeb is scheduled to depart on Sunday. There, he will begin talks for Pakistan to receive its 24th long-term IMF bailout.