Pakistan repays $1b international bond

Pakistan repaid a $1 billion international bond, the central bank spokesman said on Friday, amidst growing uncertainty about the country’s ability to meet external financing obligations.

The South Asian nation’s economy has been beset by multiple crises, including the fallout of devastating floods that killed 1,700 people, low foreign exchange reserves and decades high inflation, reports Reuters.

“The payment (was) made to Citibank New York,” State Bank of Pakistan (SBP) spokesman Abid Qamar told Reuters in a message. The bond repayment, which matures on Dec. 5, totals $1.08 billion, the central bank chief said last week.

During the week ended Nov. 25, SBP reserves stood at $7,498.7 million. It has since received $500 million from the Asian Infrastructure Investment Bank.