*ISLAMABAD: The International Monetary Fund (IMF) has warned in its reportthat $27 billion worth of Pakistan’s external debt will mature within twoyears.*
The IMF in a new Regional Outlook Report Update on the Middle East, NorthAfrica and Afghanistan disclosed the $27 billion external debt repaymentfigure.
“Many countries have large foreign currency debt – some $27 billion – setto mature in the next two years, leaving them more exposed to slower growthprospects and financial market volatility,” said the IMF report.
In a separate chart in the report, the $27 billion repayment figure hasbeen shown against Pakistan, which is the highest repayment amount by anycountry in the region.
The economic outlook forecast tangible decrease in the growth rate ofPakistan and Afghanistan. It also predict minimal economic growth in Gulfcountries.
The report said that the inflation in the region will sustain at above 11%level.
Read Top Stories
The IMF report said that Pakistan’s economic growth rate will remain 2.9percent.
The depreciation of rupee and other factors will further fuel the inflationand price hike.
The maturing of $27 billion external debt within two years would havedestabilizing impact on the economy. It also highlights the gravity ofchallenges faced by the government.
The IMF said that the tax recovery in the country has been on the downside.
