ANI
12 Oct 2021, 19:48 GMT+10
Islamabad [Pakistan], October 12 (ANI): Pakistan is among the top 10 countries that possess the largest external debt stocks and became eligible for the Debt Service Suspension Initiative (DSSI) in the aftermath of the COVID-19 pandemic, said World Bank report.
Citing International Debt Statistics in 2022, released by the World Bank on Monday, The News International reported that there was a wide divergence in the rate at which external debt accumulated in individual DSSI-eligible countries, including the group's largest borrowers.
The combined external debt stock of the 10 largest DSSI-eligible borrowers (Angola, Bangladesh, Ethiopia, Ghana, Kenya, Mongolia, Nigeria, Pakistan, Uzbekistan, and Zambia) was 509 billion dollars at end-2020, 12 per cent higher than the comparable figure at end-2019 and equivalent to 59 per cent of the external debt obligations of all DSSI-eligible countries combined.
They also accounted for 65 per cent of the end-2020 private non-guaranteed external debt of DSSI-eligible countries. The rate at which debt accumulated in individual countries varied considerably.
The World Bank reporte said that for Pakistan, the 8 per cent increase in external debt stocks reflected the inflow of budgetary support from official bilateral and multilateral creditors and rollover and new credit lines from commercial banks, The News International reported.
Net inflows from other private creditors rose 15 per cent in 2020 to 14 billion dollars but were highly concentrated and also reflected rollovers and extension of new credits by commercial bank loans to Pakistan in the context of the IMF program.
The FDI inflows to Pakistan fell moderately to 1.9 billion dollars, 5 per cent below the 2019 level, cushioned by continued investment in power generation and the telecom sector from British and Chinese investors.
While, in South Asia, debt to China has risen, from 4.7 billion dollars in 2011 to 36.3 billion dollars in 2020, The News International reported. (ANI)Get a daily dose of Vietnam Tribune news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Vietnam Tribune.
More InformationWASHINGTON, D.C.: President Donald Trump says the United States could soon reach a trade deal with India. He believes this deal would...
Windhoek [Namibia], July 10 (ANI): Prime Minister Narendra Modi on Wednesday received a standing ovation and non-stop applause from...
Kathmandu [Nepal], July 10 (ANI): Nepali lawmakers have demanded a cross-border information sharing mechanism with China following...
Dhaka [Bangladesh], July 10 (ANI): Bangladesh's Chief Adviser Muhammad Yunus on Wednesday ordered officials to complete preparations...
New Delhi [India], July 9 (ANI): Around 10 Central Trade Unions associated with left-aligned parties, representing over 25 crore Indian...
Guwahati (Assam) [India], July 9 (ANI): The Assam unit of the Bharatiya Janata Party (BJP) on Wednesday reiterated its support for...
WASHINGTON, D.C.: After months of warnings from former federal officials and weather experts, the deadly flash floods that struck the...
MOSCOW, Russia: Just hours after his sudden dismissal by President Vladimir Putin, Russia's former transport minister, Roman Starovoit,...
DHARAMSHALA, India: The Dalai Lama turned 90 on July 6, celebrated by thousands of followers in the Himalayan town of Dharamshala,...
ZAGREB, Croatia: A massive concert by popular Croatian singer Marko Perković, known by his stage name Thompson, has drawn widespread...
WASHINGTON, D.C.: Elon Musk's entry into the political arena is drawing pushback from top U.S. officials and investors, as his decision...
CULVER CITY, California: TikTok is preparing to roll out a separate version of its app for U.S. users, as efforts to secure a sale...