Moody’s Investors Service and Fitch expect Pakistan to face intractable financing risks, as the country focuses its efforts to repay debts worth 25 billion dollars during the year that began in July, and debt payments exceed the value of the loan of 3 billion dollars, for which it recently received approval.
“Pakistan will be requesting significant additional financing in addition to receiving payments from the IMF to meet its debt maturities and finance economic recovery,” said Krisjanis Krustins, director of Fitch’s Asia-Pacific sovereign ratings division.
Pakistan, located in South Asia, raised taxes and the key interest rate to an all-time high, and cut spending to conclude the preliminary agreement with the IMF, which is still subject to approval by the executive board.
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