Mounting debt: Would Pakistan run bankrupt?
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2016-09-04 10:57:16

Mounting debt: Would Pakistan run bankrupt?

 

Overseas Pakistani workers sent remittances amounting to over $1.3 billion in July, down 20.2% from the same month of 2015. On a month-on-month basis, the drop in remittances clocked up at almost 36% in July, as overseas Pakistanis had remitted over $2 billion in June. However, The State Bank governor tried to perform this fragile balancing act on Thursday when he held a news conference to try to reassure the markets that the country’s debt-servicing capacity remains strong and whatever drop in remittances we saw in July owed itself mostly to temporary factors.  More than the present level of foreign exchange reserves, what determines a country’s debt-service capacity is the state of its external deficits. Is the economy really accumulating non-debt-creating reserves? If so, where is the $7bn windfall that came our way in the past couple of years from the decline in oil prices? Now that the data shows deterioration in the health of the three main pillars of the external account — FDI, exports and remittances — it is indeed time for the State Bank to step in and breathe a little confidence into the debt markets. 

 

pk.shafaqna.com

Categories:   Business ،
Tags:   pakistan ، Ishaq Dar ، Circular deb ،
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