<p>Pakistan's central bank has repaid $1 billion in Eurobonds, it said on Saturday, a scheduled payment ahead of the South Asian nation seeking a long-term bailout from the International Monetary Fund.<br />
<br />
The bond, launched in 2014 and repaid on Friday, was maturing this month.</p>

<p>"The payment was made to the agent bank for onward distribution to the bond holders," the central bank said in a statement. Islamabad has been struggling with a balance of payments crisis, record inflation and steep currency devaluation since an IMF standby arrangement averted a sovereign default.</p>

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<p>Finance Minister Muhammad Aurangzeb is due to leave on Sunday for Washington to attend the IMF-World Bank spring meeting, where he will start negotiations for Pakistan's 24th long-term IMF bailout.</p>

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<p>Aurangzeb briefed Prime Minister Shehbaz Sharif about the new IMF programme on Friday, the government said in a statement.</p>

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<p>The IMF standby arrangement of $3 billion Islamabad secured last summer expired on Thursday. Its final tranche of $1.1 billion is expected to be released after the multilateral lender's board meets later this month.</p>

<p>The two sides have spoken in recent weeks about negotiating the longer-term bailout to continue with necessary policy reforms to rein in deficits, build up reserves and manage soaring debt servicing.<br />
<br />
Pakistan is in discussions with the IMF for a potential follow-up programme, the IMF chief Kristalina Georgieva said on Thursday.</p>


Pakistan's central bank has repaid $1 billion in Eurobonds, it said on Saturday, a scheduled payment ahead of the South Asian nation seeking a long-term bailout from the International Monetary Fund.

Pakistan's central bank has repaid $1 billion in Eurobonds, it said on Saturday, a scheduled payment ahead of the South Asian nation seeking a long-term bailout from the International Monetary Fund. The bond, launched in 2014 and repaid on Friday, was maturing this month. "The payment was made to the agent bank for onward distribution to the bond holders," the central bank said in a statement. Islamabad has been struggling with a balance of payments crisis, record inflation and steep currency devaluation since an IMF standby arrangement averted a sovereign default. Also Read | Ukraine ‘crippled’ by Russia’s new strategy of attacking power stations Finance Minister Muhammad Aurangzeb is due to leave on Sunday for Washington to attend the IMF-World Bank spring meeting, where he will start negotiations for Pakistan's 24th long-term IMF bailout. Also Read | Suspected Islamist rebels kill at least 10 in eastern Congo Aurangzeb briefed Prime Minister Shehbaz Sharif about the new IMF programme on Friday, the government said in a statement. Watch | West's increased military exchange with India, India-UK to have joint military exercise next year × The IMF standby arrangement of $3 billion Islamabad secured last summer expired on Thursday. Its final tranche of $1.1 billion is expected to be released after the multilateral lender's board meets later this month. The two sides have spoken in recent weeks about negotiating the longer-term bailout to continue with necessary policy reforms to rein in deficits, build up reserves and manage soaring debt servicing. Pakistan is in discussions with the IMF for a potential follow-up programme, the IMF chief Kristalina Georgieva said on Thursday.

Pakistan repays $1 billion in Eurobonds, says central bank

Ethiopia has become the latest african nation to default, failing to pay a $33 million coupon on its bond by the December 11 deadline. The country joins the ranks of Zambia, Ghana, and Sri Lanka in defaulting on eurobond payments. Ethiopia had recently reached an agreement with bilateral creditors to suspend loan payments, requesting an extension of maturity to January 2032 and a reduced yield of 5.5%.

Ethiopia joins Zambia, Ghana and Sri Lanka in default list | World Business Watch

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