*ISLAMABAD - **Pakistan external debt obligations for FY 2019 have been estimated at $10.4, media report has revealed.*
Pakistan has sought a crisis response loan of $1 billion from the Asian Development Bank (ADB) to avoid defaulting on its external debt obligations that have been estimated at $10.4 billion in the new fiscal year.
Islamabad has formally requested the Manila-based lending agency to provide the loan through a Special-Policy Based Lending (SPBL) instrument, according to sources in the Ministry of Finance.
The SPBL is a crisis response facility offered by the ADB as part of its international rescue efforts to meet foreign payment obligations.
It is for the first time in Pakistan’s history that it will avail the SPBL facility to repay its foreign debt .
The SPBL is used to address external and internal payments crisis by providing large-scale support as part of an international rescue effort, which includes the International Monetary Fund (IMF) and the World Bank, according to the ADB’s definition of the facility.